PLA 1003- Midterm Exam Guide - Comprehensive Notes for the exam ( 16 pages long!)
11 Oct 2017
School
Department
Course
Professor
Document Summary
Contract : an agreement, written or oral, supported by consideration that can be. For a contract to be valid there must be an offer, acceptance and consideration enforced in court (something of value exchanged). The uniform commercial code is a series of model statutory provisions drafted by. Scholars which governs commercial transactions & has been adopted by all states either entirely or in part. The ucc is divided into 10 articles. It was originally drafted by the national conference of commissioners on uniform state. Unilateral contract : a promise exchanged for an act . Informal contract : also known as a parol contract, most contracts are informal contracts, not signed under seal and is not under record. Executory contract : fully executed contract, but not fully performed. Voidable contract: contracts executed by those under a disability, e. g. , a minor, may void the contract at his option.
