businesslawtest2terms

- 1 Contract Law part of the constitution Comes from common law in England It states that"No State shall impair an existing contract but federal

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1. Contract Law – part of the constitution. Comes from common law in England. It states that “No State shall impair an existing contract,” but federal government may intervene if needed. 2. agreement – the manifestation by two or more persons of the substance of a contract. 3. consideration – something of legal value given in exchange for a promise. 4. UCC – Uniform Commercial Code – comprehensive statutory scheme that includes laws that cover aspects of commercial transactions. 5. restatement of the law of contracts – a compilation of model contract law principles drafted by legal scholars. The restatement is not law. 6. objective theory of contracts – a theory that says that the intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties. 7. bilateral contract – a contract entered into by way of exchange of promise of the parties. 8. unilateral contract – a contract in which the offeror’s offer can be accepted only by the performance of an act of the offeree. 9. express contract – an agreement that is expressed in written or oral words. 10. quasi contract – an equitable doctrine that permits the recovery of compensation even though no enforceable contract exists between the parties. 11. voidable contract
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This note was uploaded on 04/29/2008 for the course ACCT 2990 taught by Professor Smith during the Spring '08 term at Auburn University.

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- 1 Contract Law part of the constitution Comes from common law in England It states that"No State shall impair an existing contract but federal

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