Contracts_I - The Law of Contracts and Sales Part 1 GBL 395...

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GBL 395– Part 7 Fall 2010 Professor Heidi Bulich 1 The Law of Contracts and Sales - Part 1
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Importance of Contracts Used by every business virtually every day in every aspect of their business You will enter into many yourselves – every time you borrow $, when you accept employment. . . Need to understand the fundamentals Make sure you know when you are “over your head” and seek professional advice – you could unwittingly make a strategic devastating decision We see contracts in the news everyday – 2 recent cases
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Contract Basics 3 Contract – An agreement between 2 or more persons which creates an obligation to do or not to do a particular thing. Law of Contracts ensures that: Lawful expectations are met; and/or Remedies provided in the event of default Sometimes called the private law of business – these private laws can be enforced by courts
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Contract Basics 4 3 Main Sources of Contract Law Common law – federal and state Real property, personal property, services, employment Importance of precedence - Look to case law in your particular jurisdiction Statutory Law – particularly Article 2 of the UCC (“Uniform Commercial Code) (adopted in all states except LA) http://www.law.cornell.edu/ucc/2/article2.htm Contracts for the present or future sale of goods Laws related to electronic contracts: Uniform Electronic Transactions Act , the Uniform Computer Information Transactions Act and the Electronic Signatures in Global and National Commerce Act of 2000 (the “E-sign Act”)
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Contract Basics 5 Similarities Contract and Tort law are considered forms of civil law – body of law concerned with private rights and remedies (as opposed to criminal law) They are concerned with the enforcement of private duties between individuals, between an individual and a business and between 2 businesses (as opposed to public law – relationship of government to individuals)
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Contract Basics 6 Contrast Contract and Tort Law Contract - An agreement between 2 or more persons which creates an obligation to do or not to do a particular thing. You choose to enter into a contract Tort – A legal wrong committed upon the person or property independent of contract for which damages or other judicial remedies can be sought. Duties are imposed on you – you often times have no choice This “legal wrong” is a private wrong and is considered a violation of a duty imposed by general law or a duty imposed by all persons occupying the relation to each other which is involved in a particular transaction. Many torts are also crimes.
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Contract Basics 7 Types of Contracts Express – can be written or oral -- a “meeting of the minds” Implied – Sometimes the law assumes a contractual relationship even if the parties never entered into one. Void
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Contracts_I - The Law of Contracts and Sales Part 1 GBL 395...

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