Chapter 7 Contracts - Chapter 7 Contracts Basic Concepts

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Unformatted text preview: Chapter 7 Contracts Basic Concepts ........................................private exchange of promises. Courts enforce markets. ................................................ anything not against public policy/illegal. ok informal, oral. 5 essential requirements:....................offer, acceptance, capacity, consideration, legality Two contract law sources...................legislation UCC sale of goods (tangible moveable property) ................................................ common law contracts in general Uni/bilateral classification.................Bilateral - promise for promise, (2 promises, rights, duties) ................................................Unilateral - promise for action, (1 promise, right, duty) Express/implied classification...........Express parties present and/or discuss terms ................................................Implied conduct of parties. UCC examples.............................For merchants, UCC fills gaps in unexpressed terms, eg. ................................................ e.g. Delivery risk passes when seller transfers to shipper ................................................ otherwise use destination contract, (FOB destination) ................................................ if nothing stated, buyers burden to pick up Quasi-Contract...................................pretend contract implied-in-law to prevent unjust enrichment Enforcement Terminology ....................Enforceable (courts will act) Unenforceable (courts stay out) ................................................Valid (all 5 essential reqs) Void (lacks one) ................................................Voidable one party can elect to withdraw Performance Terminology ....................Executory promises not yet performed ................................................Executed all promises performed ................................................Discharge released from further performance Breach of Contract .................................various remedies: compensatory, consequential, liquidated, ................................................ nominal, specific performance, rescission ................................................duty to mitigate Contract Formation ...............................OACCL Offer ................................................specific definite- offeror must intend & communicate to offeree....
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This note was uploaded on 02/23/2009 for the course SBAD 347 taught by Professor Routman during the Spring '09 term at South Carolina Upstate.

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Chapter 7 Contracts - Chapter 7 Contracts Basic Concepts

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