LEGL 225 Lecture Notes - Lecture 10: Uniform Commercial Code, Estoppel
13 Apr 2016
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Offer: all contracts begin when a person or company proposes a deal. Acceptance: once a party receives an offer, he must respond to it in a certain way. Consideration: there has to be bargaining that leads to an exchange between the parties: contracts are not a one-way street both sides must receive some measurable benefit. Legality: the contract must be for a lawful purpose: ex: courts will not enforce agreements about selling cocaine. Capacity: the parties must be adults of sound mind. Consent: certain kinds of trickery and force can prevent the formation of a contract. Performance and discharge: if a party fully accomplishes what the contract requires, his duties are discharged. Remedies: a court will award money or other relief to a party injured by a breach of contract. Contract: a promise that the law will enforce. Noncompetition agreement: a contract in which one party agrees not to compete with another.
