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BLAW 3201 (13)
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Chapter 9

Chapter 9 (98% on the test)

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Department
Business Law
Course
BLAW 3201
Professor
All Professors
Semester
Winter

Description
Chapter 9 Introduction to Contracts Types of ContractsSales Leases Employment Insurance Construction Warranty Service Utilities Phone School ScholarshipDefine ContractAgreement that is legally bindingCourts provide a remedy for a breachGenerally not enforce contracts as writtenMust have damages from the breachA contract is a binding agreement that the courts will enforce The Restatement defines a contract as a promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty There must be a breachThe law now recognizes as a contract almost any agreement in which both parties intended to be bound A promise that is enforceable in court oIt is important to note that while all contracts are promises not all promises are contractsSome promises are unenforceable and therefore are not contractsoFor a promise to be enforced it must include all essential requirements of a legal binding contractoA promise from a person that cannot give legal consent is not enforceable as a contractA contract is not a thing but a relationship between its partiesThis relationship entails mutual rights and duties contained in what is essentially a set of promises that the courts will enforceoA contract then can be defined as a binding agreement for the breach of which the law gives a remedy or the performance of which the law in some way recognizes as a duty TF Question and MC question oBoth parties must agree that the contract is binding A breach must occur to break contract A breach is the failure to perform contractual promises properlyOral vs written contractsOralproblems with the proof how to prove the existence of an oral contractoOral contracts are just as valid as written ones oA contract the terms of which have been agreed by spoken communicationoWhere the parties write down what they have agreedbut the contract itself is not a written oneoDifficult to inforceoDoes not have a price limit oBabysitting Written contract make it easier to spell out the terms of a contractoReal estate contracts must be in writing oMarriage agreements even preen ups UCCThe Uniform Commercial Code UCC or the Code governs the sale of tangible personal property in all states except Louisiana Not cover employment agreements service contracts insurance realland property patents or copyrightsUnder the UCC a sale is a contract involving the transfer of title to goods from seller to buyer for a priceThe Code essentially defines goods as tangible personal propertyPersonal property is any property other than an interest in real property land NOT ON THE TST MAKE SURE YOU GET VERSION A OF THE TEST Requirements of ContractFour Requirements of a Contract on test what are the four requirements of a contract1
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