LEGL 020 Lecture Notes - Lecture 3: Uniform Commercial Code, Estoppel, Quasi-Contract
26 Aug 2016
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Document Summary
~ contract laws are decided on a state by state basis. ~uniform commercial code (ucc)- created by business people: lawyers, academics etc. Article 2 of ucc- deals with contracts of the sale and releasing of goods that are over 500 dollars. Every state in the us except louisiana has implemented the ucc. A counter offer does not terminate the offer. Each side of contract has to give up something of value. Consideration- both sides doing something for the contract (also the bullet above) ~in this chapter we will be looking at: Some times an agreement needs to be in writing. Issues in performance and discharge by a court. ~uniform commercial code was formed to help businesses. Creates one law for all contracts that aare for sale of goods over 500 dollars. Every state has its own common law so that contract laws are different in each state. ~contract terms apply for both ucc and common law contracts.
