Rule about Contracts: -common law/UCC uniform commercial code. UCC is for buying and selling goods, common law contract is for everything else, Party, subject matter, price,delivery, payment terms – all neds to be listed in common law Party and subject matter – 2 things for UCC- everything else is filled by the judge based on the reasonableness.
Contract is a promise or set of promises for breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. Contract is a set of voluntary promises that the law will enforce for private parties.
Sources of Contract Law:/ Law that governs contracts
1) Common law
* First law of contracts
* Law decided by the judges and they used statutory law to interpret the common law
* Common law applies to contracts that have land or services as their subject ...view middle of the document...
The result was UCC
* Applies to sale of goods/ things you can ship.
* Only thing required under UCC are a) Parties and b) Subject matter
* UCC has added a new section called Lease this applies to lease of goods
3) Uniform Electronic Transactions Act (UETA)
a. Electronic Signatures in Global and National Commerce Act of 2000
i. Federal law that mandates the recognition of electronic signatures for the formations of contracts
Types of Contracts:
1) Bilateral VS Unilateral
* Bilateral -> Performed by two parties where both parties promise to do something
* Unilateral -> one party issues a promise and other party simply performs.
2) Express VS Implied (Quasi Contracts)
* Contract that is written or orally agreed to is an Express contract
* Contract that arises from circumstances and not from the express agreements of the parties is Implied Contract eg(You and the doctor sit down for treatment)
* Quasi Contract – type of implied or enforceable agreement. Quasi means “as-if” eg- painter stops by and paints your house, you will not be liable for the payment if you did not have the knowledge, however if you were aware of it and did nothing to stop the painting you would be held liable in quasi contract
3) Void and Voidable Contracts
* Void is an agreement to do something that is illegal or against public policy
* Voidable – contract that can be unenforceable at the election of one parties. It gives one party the option of disaffirming the contract. Eg minor signing the contract eh can choose to be bound by the agreement or can choose to disaffirm the contract
4) Unenforceable Contract
* Cannot be honored judicially because of some procedural problem.
5) Executed VS Executory Contracts
* Executed contracts when parties have performed as per their promise
* Executory- promise has been made but the actual work has not been performed