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Chapter 10

LPP 255 Chapter Notes - Chapter 10: Quasi, Quasi-Contract, Uniform Commercial Code

Law & Public Policy
Course Code
LPP 255

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Common law governs all contracts except statutory law
oNot 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
oPromisor, promise
Contract= a promise or set of promises for the breach of which the law in some way recognizes as a duty
oLegally 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
oThe 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
oObjective 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
oIf 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
Form= the contract must be in whatever form the law requires
Ex. Must be in writing
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