BBG E231 Lecture Notes - Lecture 11: Meeting Of The Minds
Document Summary
State common law deals with laws of contracts. But whenever we are dealing with movable, personal property, it"s ucc statutory law. Breach = the failure to properly perform an obligation. (when u violate a promise) There are 4 necessary elements (requirements) to a contract: agreement= mutual assent (mutual agreement) By words (in 2 ways): 1) written or 2) spoken/ oral. Ex: i promise to give u my iphone if u give me 100 bucks (oral agreement through words) Fancy way of saying by words is an express agreement= u either wrote it (expressed in writing) or spoke it orally. (if i sell my house it will usually be an express (written) agreement) 99% of the time an agreement to sell property will be written. Either you have an express agreement, or u have an implied agreement= by conduct. Meaning u can have an agreement that"s implicit/ implied by conduct.
