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Chapter 7 Contracts - Chapter 7 Contracts Basic...

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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, buyer’s 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 ................................................
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