BLAW 3033 Lecture Notes - Lecture 8: Uniform Commercial Code, Executory Contract, Contract

• School: University of Arkansas
• Department: Business Law
• Course: BLAW 3033
• Professor: Greenhaw

Document Summary

Contract- an agreement that a court is willing to enforce. Legality- has to be for a legal purpose. Oral contract- just as enforceable as one in writing. Handshake not required- but proof that mutual agreement is present. One party can"t cancel without the consent of the other. Restatement of contracts- not law, but summary of law. Uniform commercial code- all aspects of business law, article 2 (sale of goods) A promise to sell for an exchange to buy- sales contract. Promise for exchange for a promise to do an act- service contract. One of the parties has right to cancel bc of the actions of other party. An offer- expression of a willingness to enter into a legally binding agreement. The acceptance of the offer- completes the deal . After that can stand for however long until offer is accepted. Two exceptions: purchase to keep offer open- option, must be a sales contract- merchant firms offer.