MANAGMNT 260 Chapter 9-10: Chapter 9 and 10 notes- OneClass
27 Aug 2016
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Contract : a legally enforceable promise or set of promises ! A promise for a promise : things you need to create a contract (common law): ! Capacity have to be 18 years old ! Legal: meeting of minds= valid contract , (some) oral and (most) written contracts are enforceable ! Manufacturer could not do the kind of planning necessary if he could not rely on agreements from suppliers ! Ucc article 2: ucc: the uniform commercial code! The biggest reform of contract law has resulted from the ucc from all states (except. Created by american law institute and national conference of commissioners on. Complete uniformity has not been achieved ! Requires contracts that exceed to be in writing : article 2 ! Ask which element goods or services predominates in the contract! This means: any agreement calling for services that involve signi cant elements of personal skill and judgement is probably not governed by article 2 !
