BUS-A 202 Chapter 8: A202CH8
Document Summary
Uniform commercial code (ucc) - covers contracts for goods. Predominant purpose test - decides if a contract is under common law or ucc. Basic elements of a contract - offer, acceptance, considoration. Considoration - each of the parties are giving up something they were not obligated to do so. Unless the gift was granted under the basis of a promise. Substantial performance - when a person completes the contracts terms substantially. Express contract - a contract in which the terms are explicitly stated. Implied in law contracts - terms you don"t put in the expressed contract but are filled in by the ucc. Bilateral contract - a contract where there are two promises. Unilateral contract - non-enforceable until the act is finished. Void - not a legal contract to begin with. Voidable - a contract that can be voidable by one or more parties. Unenforceable - a contract that cannot be enforced.
