BLW 1001 Lecture Notes - Lecture 9: Uniform Commercial Code, American Law Institute, Legal Fiction

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Chapter 9: The Nature and Origins of Contracts
What is a contract?
A contract is a legally enforceable promise.
For a contact to exist:
- There must be an agreement: an offer must be made and accepted.
- The agreement must be supported by consideration.
- The agreement must be voluntarily entered into.
- The parties must have the capacity to contract.
- The contract must require only legal behavior or acts.
- Written evidence may be required for certain contracts.
Why have contracts?
Contracts are necessary in a market economy where goods and services are
exchanged.
- Businesses and individuals agree to provide goods and services today for payment
tomorrow.
- Common laws of contracts have existed since 1603.
- Contracts are the foundation of business.
The development of contract law
Social conditions in the 19th and 19th century played a big role in developing contract
law
Laissez-Faire (free market) theories were of great importance.
- Freedom of contract was the rule of the day.
Industrial Revolution modernized contract law
- More form contracts
- More uninformed buyers
- Legal system and lawmakers provided more consumer protections.
The Uniform Commercial Code
The Uniform Commercial Code was created and changed contract law.
- Adopted by all states in full except Louisiana where it is adopted in part.
- Drafted by the American Law Institute and the National Conference of
Commissioners on Uniform States Laws.
- Aims to promote fair standing and higher standards of marketplace behavior.
- Falls short in achieving uniformity.
The UCC is divided into 9 articles.
- Article 2 applies to all contracts for the sale of goods.
Does Article 2 Govern the Contract?
What is the nature of the transaction?
- Services (real estate, stocks, bonds, and intangibles) Common Law
- Mixture (goods and services) service element is predominant and goods
element is predominant
- Goods (tangible personal property) Uniform Commercial Code
The Provisions of the UCC
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