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Chapter 10 - Nature and Terminology

Chapter 10 - Nature and Terminology - Law Society I M W...

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Law & Society I Key : M W 9:30AM, Snell 213 Normal, black, size 12 font: Every header found in text John Exley, ID: 0160294 Normal, dark blue, size 12 font: Excerpts from text 10.03.08 Bold, black, size 12 font: Vocabulary from text Chapter 10: Nature and Terminology Pages 216-228 Promise: A person’s assurance that he or she will or will not do something. Section 1: An Overview of Contract Law Sources of Contract Law The common law governs all contracts except when it has been modified or replaced by statutory law, such as the UCC, or by administrative agency regulations. The Function of Contract Law Definition of a Contract Contract: An agreement that can be enforced in court; formed by two or more parties; each of whom agrees to perform or to refrain from performing some act now or in the future. The Objective Theory of Contracts Objective Theory of Contracts: A theory under which the intent to form a contract will be judged by outward, objective facts (what the party said when entering into the contract, how the party acted or appeared, and the circumstances surrounding the transaction) as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions. Objective facts include: 1) What the party said when entering into the contract 2) How the party acted or appeared (intent may be manifested by conduct as well as oral or written words), 3) The circumstances surrounding the transaction Section 2: Elements of a Contract Requirements of a Valid Contract If any of these following four requirements is lacking, no contract will have been formed: 1) Agreement . 2) Consideration . 3) Contractual capacity . 4) Legality . Defenses to the Enforceability of a Contract The following requirements typically are raised as defenses to the enforceability of an otherwise valid contract: 1) Genuineness of assent . 2) Form . 1 | P a g e
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Section 3: Types of Contracts Contract Formation o Bilateral versus Unilateral Contracts Offeror: A person who makes an offer.
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Chapter 10 - Nature and Terminology - Law Society I M W...

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