LGLS 1901 Lecture Notes - Lecture 8: Uniform Commercial Code, Meeting Of The Minds, Lawn Mower
29 Nov 2016
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Document Summary
Contract is an agreement between two parties where each side is giving something up in return for something else. Chapter 9 section 1 overview of contract law. Common law for all contracts except sales and leases. Sale and lease contracts- uniform commercial code (ucc) A promise or a set of promises where breach of that promise, the law provides some type of remedy (money) or some type of specific performance of which the law in some way recognizes as a duty. One side doesn"t perform its end of the bargain but instead of getting sued, they have a defense. Voluntary consent (changing the original terms of the contract) Form: some types of contracts must be in writing (statute of frauds) Formal: requires a special form for creation (think statute of frauds; must be in writing to be enforceable), informal: requires no special form for creation; all other contracts. Executed- a contract that has been fully performed on both sides.
