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LPP 255 (13)
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Chapter 10

CHAPTER 10.docx

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Syracuse University
Law & Public Policy
LPP 255

CHAPTER 10 • Common law governs all contracts except statutory law o Not UCC (Uniform Commercial Code)  Contracts for sale and lease of goods • Contract law deals with, among other things, the formation and enforcement of agreements between parties o Promisor, promise • Contract= a promise or set of promises for the breach of which the law in some way recognizes as a duty o Legally binding agreement between two or more parties who agree to perform or to refrain from performing some act now or in the future • Objective theory of contracts= how intent is determined o The agreement to enter a contract is judged by outward, objective facts as interpreted by a reasonable person, rather than a parties own secrets or intentions o Objective facts include  1. What the party said when entering into the contract  2. How the party acted or appeared  3. The circumstances surrounding the transaction • Requirements of a valid contract • Defenses to the enforceability of a contract o If the following are NOT met, the contract is unenforceable  Voluntary consent= the consent of both parties is voluntary • Ex. No contracts formed as a result of fraud, undue influence, mistake or duress  Form= the contract must be in whatever form the law requires • Ex. Must be in writing TYPES OF CONTRACTS • Offeror- party making the offer • Offeree= party looking at the offer o Bilateral= offeree can accept simply by promising to perform  No performance such as payment of funds, delivery or goods need to take place  Contract comes into existence at the moment the promises are exchanged o Unilateral= offeree can accept the offer only by completing the performance  Contract comes into existence the moment the contract is performed • Cannot be revok
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