SCMA 323 Lecture Notes - Lecture 18: Uniform Commercial Code, Ultra Vires
6 Apr 2017
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Offeror: one who issues the contract (offer) Not all contracts must be in writing. Although, some contracts must be in writing: real estate, purchase of sale over . Uniform commercial code (ucc): written but commission for a set of laws, set of statutes that all states have adopted; set of laws that deal with commercial transactions. Two types of contracts: bilateral: exchange of a promise, for a promise. I promise to pay you 28845 if you promise to paint my house: unilateral: exchange of a promise for an act. I promise to pay 28845 if you shovel my walk: most contracts are bilateral, look at the wording (difference between doing an act and making a counter promise. Ultra vires : a void contract, not contract at all. Voidable (different from ultra vires , be sure to make the distinguishment: entering into a contract when you are under 18. Express contracts: expressed in written or verbal form.
