BUL-3310 Chapter Notes - Chapter 13: Uniform Commercial Code, Equitable Remedy, Unconscionability
16 Oct 2017
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A contract involves a promise or several promises that are enforceable in court. If the duty is breached, the law gives the aggrieved party a remedy. Basically a legal device to control the future through promises. Promise - a present commitment that something will or will not be done. When people make a contract, by their mutual asset they create the terms of their contract, which set up the bounds of their liability. Two points to keep in mind: a contract contains a present undertaking or commitment concerning future conduct of the parties, the law enforces the commitment by providing a remedy if the commitment is not performed. Society has created the law of contracts to enforce only certain types of promises, particularly those related to business or economic matters. Not all promises are signi cantly enforceable in court. The bulk of contract law is judge-made case law.
