LW 221 Lecture Notes - Lecture 16: Estoppel, Stock Certificate
Document Summary
Overview of contract law: the seven elements of an enforceable contract are; offer, acceptance, consideration, legality, capacity, consent, and writing. So far, we have studied offer, acceptance, consent, and writing: a void contract, requires one party to perform an act that is impossible or illegal. Versus a voidable contract is a valid contract and can be enforced, usually one party is bound to the contract terms. A plaintiff must prove a promise, reasonable reliance, and injustice in order to win a promissory estoppel case: in quasi-contract cases, the defendant received a benefit from the plaintiff. An example of a contract that is governed by article 2 of the ucc is the sale of goods. (cid:862)goods(cid:863) (cid:373)ea(cid:374)s a(cid:374)(cid:455)thi(cid:374)g (cid:373)o(cid:448)ea(cid:271)le, e(cid:454)(cid:272)ept for (cid:373)o(cid:374)e(cid:455), se(cid:272)urities, a(cid:374)d (cid:272)ertai(cid:374) legal rights. Goods include pencils, commercial aircraft, books, christmas trees, etc. Goods do not include land or a hose because neither is moveable, nor do they include a stock certificate.
