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BLAW Notes Test 2 (got 94% in the course)

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Department
Business Law
Course
BLAW 3201
Professor
All Professors
Semester
Winter

Description
BLAW Notes 101011 Chapter 9Law of ContractsDefinition of Contracta binding agreement that the courts will enforceCommon Lawmost contracts are governed primarily by State common law including contracts involving employment services insurance real property land and anything attached to it patents and copyrights Uniform Commercial CodeArticle 2 of the UCC governs the sales of goodsSale the transfer of title from seller to buyerGoodstangible personal property personal property is all property other than an interest in landREAD FOX CASEFox caseagainst Mountain West Electrical Fox designs the system and Mountain works with the actual partsIf the UCC appliesThey found out the nuts and bolts didnt really matter the design was keyMixed bag of goods and servicesThe court will look at the predominant factorsBasic 4 elements or requirements that have to be there for the case to be pertinentYou have to be able to discern that the partiesRequirements of a ContractMutual Assent the parties to a contract must manifest by words or conduct that they have agreed to enter into a contractEx I will sell U my car for 10000 and you agreeIts mutualConsiderationeach party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchangeEx comes in many forms example is moneyIf a person refrains from doing something that they are required to do they are entitled to the amount offeredLegality of Object the purpose of a contract must not be criminal tortious or otherwise against public policyCapacity the parties to a contract must have contractual capacityEx a person of age in a contractab initioValidity of Agreementsgo to slideVoidit never was created never comes into existenceA Voidable does come into existence it just has something about it that makes it able to be set aside or side stepedUnenforceable an agreement that a count will not find a remedy for if someone breaks it ex like a hitman
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