231 CH 9 - Contracts Chapter 9 DEFINITION A Contract Is a...

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Contracts Chapter 9
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DEFINITION A Contract Is a Promise or Exchange of Promises That the Law Will Enforce
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CONTRACT FORMATION Elements of Valid Contract Agreement (Offer and Acceptance) Consideration Capacity Legality
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SOURCES OF CONTRACT LAW Common Law Uniform Commercial Code-Article 2 Sale of Goods Goods: Tangible, Movable Items of Personal Property
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CONTRACT CLASSIFICATIONS Bilateral vs. Unilateral Bilateral: Promise for a Promise Unilateral: Promise for an Act Executed vs. Executory Executed: Contract Fully Performed Executory: Contract Not Fully Performed Express vs. Implied in Fact Express: Parties Discuss Terms Implied in Fact Plaintiff Furnished Service or Property Plaintiff Expected to Be Paid/Defendant Knew It Defendant Had Chance to Reject
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CONTRACT ENFORCEMENT TERMINOLOGY Valid Contract Has All Elements to Permit Enforcement Voidable Contract Can Be voided at Option of One or Both Parties Minors Fraud Duress Unenforceable Contract Legal Defenses Exist-Cannot Be Enforced (SOF) Void Contract Not a Contract-No Legal Obligation Not all elements present
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Agreement Offer Serious intent to be bound Terms must be reasonably certain
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This note was uploaded on 05/19/2011 for the course BESINESS 213 taught by Professor Streve during the Spring '11 term at Missouri State University-Springfield.

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231 CH 9 - Contracts Chapter 9 DEFINITION A Contract Is a...

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