LAW 1310 Lecture Notes - Lecture 15: Child Actor, Estoppel, Uniform Commercial Code
19 Aug 2016
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Document Summary
No way of fulfilling your expectations in the business world. Contracts create private set of rules that one has to abide by. Elements of a contract: agreement (mutual assent, offer (must be first, acceptance (must be second) *promises to make gifts are not enforceable, once donor gives the gift, it belongs to the donee* Restatement of contracts- perfect version of common law (how people really act) Uniform commercial code (ucc)- impact on contract law, created uniform law, each area is known as an article and focuses on a different aspect of commercial law. Secure transaction- article 9, don"t pay car loan, car repossessed. Executed- contract fully performed (both sides did what they needed to do) Executory- required performances have not been completed yet. 11 bankruptcy- buying time from paying off their creditors. Reorganization of company and creating a new plan right to cancel executory contracts (ex: lease) Expressed- contract created through the words of the parties (oral or written)
