BLAW 3201 Chapter : Chapter 9 Book Outline
Document Summary
Development of the law of contracts: contract law has undergone and will still undergo enormous changes, contracts are primarily governed by state common law, uniform commercial code (ucc) governs sales in all states except. The parties must either say or show that they both agree to enter into a contract. Usual method is by offer and acceptance: consideration. Each party must intentionally exchange a legal benefit or incur a legal detriment as an inducement for the other party to make an exchange: legality of object. The purpose of the contract must not be criminal, tortuous, or otherwise against public policy: capacity. Those declared incompetent have no legal capacity, and those who are minors, incompetent and intoxicated have limited legal capacity. In a typical contract, each party usually makes at least one promise: bilateral contracts: each party makes a promise and is both a promisor and a promisee, unilateral contracts: only one party makes a promise.
