BLW 1001 Lecture Notes - Lecture 9: Uniform Commercial Code, American Law Institute, Legal Fiction
6 Feb 2017
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Chapter 9: the nature and origins of contracts. A contract is a legally enforceable promise. 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. 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. 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. Legal system and lawmakers provided more consumer protections. The uniform commercial code was created and changed contract law.
