GB110 Chapter Notes - Chapter 15: Meeting Of The Minds, United Nations Convention On Contracts For The International Sale Of Goods, Transact
14 Feb 2018
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Chapter objectives: to understand the purposes for which contracts are used and the basic requirements of valid contracts, to become familiar with two significant bodies of contract law: the uniform code and the united. Some types of contracts are subject to extensive regulation by federal and/or state authorities. There is language of present commitment (offeror has serious intention to be bound) "what a reasonable person would think the offeror"s words and conduct meant: words uttered in anger or jest do not qualify. The offer must be communicated parties said or did: communication implies offeror is serious, offeror is "master of the offer, offers, revocations, and rejections are valid when received. Special situations: advertisements, online auctions: a valid acceptance, consideration, capacity. Legality: all of these elements must be present before drawing the conclusion that the exchange of promises is a legally binding contract. If ucc"s article 2 applies, then courts utilize legal conventions to fill in the gaps.
