BCOR 2003 Lecture Notes - Lecture 1: Uniform Commercial Code, Contract, Oral Contract
Document Summary
Chapter 10: introduction to contract classification and terminology. Performance of promises are viewed differently than the exchange of promises (football contract) Performance of promises are viewed the same as the exchange of promise (purchase of item) Both parties have to voluntarily agree to the contract. Can never go to jail for breaching a contract. Voluntary creation of obligations where none existed before. Most rules of contract are based around state law. Governs contracts for the sale of goods. State model law; similar in all states that have adopted it. Z says: i"ll sell you my farm for ,000 . Z writes up the deal: i"ll sell . Z writes up again: we"ll(farmer & wife own farm together) sell . Z later refuses to transfer and l sues. Is it a reasonable amount of land for ,000? (could help prove if its a joke) Lucy has to prove the offer was reasonable to him as the buyer.
