LAW 1101 Lecture Notes - Lecture 9: Uniform Commercial Code
Document Summary
Sources of contract law: common law governs all contracts except when it has been modified or replaced by statutory law, uniform commercial code (ucc)- governs the sale and lease of goods and have modified general contract law. Contract- an agreement that can be enforced in court, formed by two or more parties who agree to perform or to refrain from performing some act now or in the future. Objective theory of contracts- in determining whether a contract has been formed, the element of intent is determined by what is referred to as the objective theory of contracts. A party"s intention to enter into a contract is judged by outward, objective facts, as interpreted by a reasonable person. Four basic elements of a contract: agreement- an offer must be made and accepted. Defenses to the enforceability of a contract: even if all 4 elements of valid contract are present, contract may be unenforceable if these requirements not met:
