LEGL 2700 Lecture Notes - Lecture 13: Uniform Commercial Code, Estoppel, Easement
2 Mar 2017
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Contract: legally enforceable agreement/promise, does not have to be in writing. Sources of contract law: common law. Covers services, land: uniform commercial code. Does not include services or sales of land. If i am selling or buying tangible property, it is governed by ucc. What is required to have a legally valid contract: requirements: 2) legally sufficient acceptance of that offer. 3) consideration (both sides are getting something of value) 4) capacity (both sides should fully understand the commitment they"re making) 5) lawful purpose: offer: must make specific promise and demand. Offeror did not intend for offer to be taken seriously. Offer cannot have been terminated before acceptance. 3) by rejection or counteroffer (if original offer is rejected but given a counteroffer, original offer is gone) 4) by reasonable time under the circumstances (even if there is no specific deadline, you can"t wait an unreasonable amount of time)
