Video 6 - Contracts a binding agreement supported by...

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Contracts – a binding agreement supported by consideration that the courts will enforce 4 elements of contract Mutual Assent – both parties agree on contract Consideration – both parties agree to give something up Legality – Must be legal, cant be drugs Capacity – Can’t be drunk, minor, coerced Governed by common law Real property Intangibles Patents Copyrights Uniform Commercial Goods UUC – tangible personal property Classification on contracts Express – written or vocal Implied – actions, sitting on on barber seat, eating chips means you buy it Bilateral – both parties agrees to give something up Unilateral – only one side gives up something reward for dog Valid – has all 4 element Void – missing an element Voidable – one or both parties can back out on contract, right to return something Unenforceable – courts will not help enforce it, some contract has to be in writing Executed – contract completed Executory – contract in process of being performed
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This note was uploaded on 07/19/2011 for the course BUS LAW 18 taught by Professor Gough during the Fall '10 term at DeAnza College.

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Video 6 - Contracts a binding agreement supported by...

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