Chapter8slides

Chapter8slides - Introduction to Contracts and Contract Terminology six chapters on next exam – all on contracts-contracts are basis of

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Unformatted text preview: Introduction to Contracts and Contract Terminology six chapters on next exam – all on contracts-contracts are basis of business-INTRODUCTION (CH 8)-requirements (CH 9 & 10)-defenses (CH 11) (ways to get out)- Performance (CH 12)- (do everything you were supposed to, can’t get out, then what) - third parties Against the law to not pay rent? Yes, if there is a lease/contract  A set of promises  An agreement  Private law  Enforceable by a court  Voluntary creation of obligations where none existed before Common Law—Court decisions  Differs somewhat from state to state  Goods Need for uniformity Uniform Commercial Code State law; similar in all states, some different Whether there is a contract depends on if a reasonable person would think there is one based on words and conduct  Not your own mind, what outside thinks  First question-is there a contract? 1950’s Virginia  Farmers out drinking with wives  Zehmer: “I’ll sell you the farm for $50,000”  Wrote up a deal “I’ll sell….”  Lucy refused to sign  Wrote up again “We’ll sell….”  Lucy wants farm, Z says a joke Should Zehmer be required to sell?Should Zehmer be required to sell?...
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This note was uploaded on 04/22/2009 for the course BCOR 3000 taught by Professor Morley during the Fall '07 term at Colorado.

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Chapter8slides - Introduction to Contracts and Contract Terminology six chapters on next exam – all on contracts-contracts are basis of

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