Chapter_9

Chapter_9 - Chapter9 IntrotoContracts Contracts...

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    Chapter 9 Intro to Contracts
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    Contracts Common law-codified in state statutes  governs contracts. U.C.C.-sale of personal property.   Article 2 governs contracts sales. Contracts are agreements courts will  enforce, and will give a remedy.  
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    Contract Requirements   Many times contracts must also be in  writing to be enforceable, but under  many situations, oral contracts are  good.  If all requirements are met, contract will  be binding. 
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    Contract Requirements  1. Mutual Assent— Agreement to enter  contract.  2. Consideration— Exchange between  parties. 3. Capacity— Must be able to enter contract.  4. Legality of Object— Not against public  policy. 
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    Classification of Contracts  1. Express or Implied  2. Bilateral and Unilateral Contracts  3. Valid, Void, Voidable, and  Unenforceable Contracts  4. Executed and Executory Contracts  5. Formal and Informal Contracts  
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This note was uploaded on 03/08/2010 for the course BL 3305 taught by Professor Nunley during the Fall '09 term at Baylor.

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Chapter_9 - Chapter9 IntrotoContracts Contracts...

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