Contracts.1

Contracts.1 - CONTRACTS PART ONE I Contract an agreement...

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CONTRACTS – PART ONE I. Contract – an agreement which can be enforced in court; formed by 2 or more parties who agree to perform or to refrain from performing some act now or in the future. II. Uniform Commercial Code – Article II – series of uniform state laws which deal with the sale of goods by a merchant . III. Terminology A. Promisor – person who makes a promise B. Promisee – person to whom a promise is made C. Offeror – person who makes an offer D. Offeree – person to whom an offer is made IV. Types of Contracts A. Bilateral vs. Unilateral 1. Bilateral = “a promise for a promise” – the contract exists at the moment the promises are exchanged. 2. Unilateral = “a promise for an act” – offeree can only accept the contract by completing the contract performance. B. Express vs. Implied 1. Express – the terms are fully stated, whether oral or in writing. Example: written lease agreement 2. Implied – the conduct of the parties creates or defines some of the terms of the contract. Example: dropping your laundry off at the drycleaner
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C. Quasi Contract – fictional contracts imposed on parties by a court in the interests of fairness and justice. Example: a doctor renders aid in an emergency to a person. D. Executed vs. Executory Contracts 1. Executed: a contract which has been fully performed by both parties. 2. Executory: a contract which has not been fully performed by both parties. E. Valid, Void and Voidable Contracts 1. Valid: has all 4 elements for contract formation. 2.
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This note was uploaded on 04/15/2009 for the course LGS 200 taught by Professor Turner during the Spring '07 term at Alabama.

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Contracts.1 - CONTRACTS PART ONE I Contract an agreement...

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