33:140:320 Lecture 8: Chapter 8
Document Summary
Contract law from common law except statutory law with uniform commercial code(sale and lease of goods) or by agency regulations. Article 1 section 10 freedom of contract. Freedom from contract for persons who may have been pressured into making contracts unfavorable to themselves made. Consideration- claims must be supported by legally sufficient and bargained for consideration. Form- contract must be in whatever form the law requires. Bilateral v. unilateral contracts ; offeror party making the offer. Bilateral contracts- arises when promise is given in exchange for a return promise. Unilateral contracts- results when offer can be accepted only by the offerees performance. promise for an act contract is formed when contract is performed. Conditional made it a unilateral offer after examinations maybe different if said potential offer. Problem when promisor tries to revoke the offer after promisee has begun performance but act has not been completed. Formal- requires specific form such as being excuted under seal for its validity.
