BLAW 2013 Lecture Notes - Lecture 12: Uniform Commercial Code, Quasi-Contract, Contract
21 Mar 2017
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Formal v. informal contracts: formal contracts. Require special form/ method of creation (to be enforceable: negotiable instruments: include checks, drafts, deposit. Special form & language required under uniform commercial code (ucc) Agreement to pay contingent on purchaser"s receipt of invoice & bills of lading (bills of lading: doc. evidencing receipt of goods shipped) Often used in international sales contract: informal contracts (simple contracts) Except: certain types of contracts that must be in writing. Usually based on substance rather than form. Business: generally put contracts in writing to ensure (proof of contract"s existence) Express v. implied contract: express contract : terms of agreement= stated in words, oral/ written, implied contract. Seller: expect payment & buyer: knew/ must have known that expectation. Buyer: had chance to reject offer but did not. Executed v. executory contracts: executory contract. Only one side completed performing still executory (until the other party fully perform: executed contract. Contract that both parties fully performed (e. g. )
