CHAPTER 09

CHAPTER 09 - CHAPTER SUMMARY Law of Contracts Definition of Contract a binding agreement that the courts will enforce Common Law most contracts are

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER SUMMARY Law of Contracts Definition of Contract a binding agreement that the courts will enforce Common Law most contracts are governed primarily by State common law, including contracts involving employment, services, insurance, real property (land and anything attached to it), patents, and copyrights Uniform Commercial Code Article 2 of the UCC governs the sales of goods Sale the transfer of title from seller to buyer Goods tangible personal property (personal property is all property other than an interest in land) Requirements of a Contract Mutual Assent the parties to a contract must manifest by words or conduct that they have agreed to enter into a contract Consideration each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange Legality of Object the purpose of a contract must not be criminal, tortious, or otherwise against public policy Capacity the parties to a contract must have contractual capacity Mann CH 09- 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/14/2010 for the course BUS 5503 taught by Professor Sorrell during the Fall '10 term at Troy.

Page1 / 4

CHAPTER 09 - CHAPTER SUMMARY Law of Contracts Definition of Contract a binding agreement that the courts will enforce Common Law most contracts are

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online