BL 260 Chapter Notes - Chapter 11: Uniform Commercial Code, Oral Contract, Quasi-Contract
Document Summary
Business people do negation (w/o lawyer), when deal finished legal dept. come in to make sure there are no liability issues. Contracts are an integral part of every business and everyday life. Between 2 or more parties (focus on 2) Parties agree to perform or refrain from performing some act (make a promise) Common law for all contracts except sales and leases (there is no written statute governing anything; body of law comes from legal cases stare decisis) Sales and lease contracts: uniform commercial code (ucc) (special set of written statutes that has to do with contracts for the sale and lease of goods; tangible items) Parties dispute whether they intended to form a contract. Court does not look at a party"s actual beliefs or intents. Determine intent by looking at outward, objective facts as interpreted by a reasonable person. Everything a reasonable person could observe party"s words. D negotiated and signed lease, gave p postdated check.
