33:140:320 Chapter Notes - Chapter 9: Uniform Computer Information Transactions Act, Uniform Commercial Code, Meeting Of The Minds
Document Summary
Contracts are voluntarily entered into by parties making the terms of a contract private law. Most contracts are legally enforceable which means if a party fails to perform a contract, the other party may call on the courts to enforce the contract. In addition, contracts are performed without the aid of the court system because the parties a moral duty to perform as promised. 9. 1 contract: an agreement that is enforceable by a court of law or equity. Another way to say it, a contract is a promise or 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. Every contract involves at least two parties: offeror: the party who makes an offer to enter into a contract, offeree: the party to whom the offer is made. In making an offer, the offeror promises to do or to refrain from doing something.