BL-Chapt10 - Print Chapter Page 1 of 22 Nature and...

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Nature and Terminology Chapter Introduction 10-1 An Overview of Contract Law 10-1a Sources of Contract Law 10-1b The Function of Contract Law 10-1c Definition of a Contract 10-1d The Objective Theory of Contracts 10-2 Elements of a Contract 10-2a Requirements of a Valid Contract 10-2b Defenses to the Enforceability of a Contract 10-3 Types of Contracts 10-3a Contract Formation 10-3b Contract Performance 10-3c Contract Enforceability 10-4 Quasi Contracts 10-4a Limitations on Quasi-contractual Recovery 10-4b When an Actual Contract Exists 10-5 Interpretation of Contracts 10-5a The Plain Meaning Rule 10-5b Other Rules of Interpretation Chapter Recap Page 1 of 22 Print Chapter 2010-8-29 ..
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Chapter Introduction The noted legal scholar Roscoe Pound once said that "[t]he social order rests upon the stability and predictability of conduct, of which keeping promises is a large item." Contract law deals with, among other things, the formation and keeping of promises. A promise is a person's assurance that the person will or will not do something. Like other types of law, contract law reflects our social values, interests, and expectations at a given point in time. It shows, for example, to what extent our society allows people to make promises or commitments that are legally binding. It distinguishes between promises that create only moral obligations (such as a promise to take a friend to lunch) and promises that are legally binding (such as a promise to pay for merchandise purchased). Contract law also demonstrates which excuses our society accepts for breaking certain types of promises. In addition, it indicates which promises are considered to be contrary to public policy–against the interests of society as a whole–and therefore legally invalid. When the person making a promise is a child or is mentally incompetent, for example, a question will arise as to whether the promise should be enforced. Resolving such questions is the essence of contract law. Page 2 of 22 Print Chapter 2010-8-29 ..
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10-1 10-1a 10-1b 10-1c 10-1d An Overview of Contract Law Sources of Contract Law The Function of Contract Law Definition of a Contract Drama of the Law: Conditions on a Promise: A Promise is not a Promise unless it's a Promise Before we look at the numerous rules that courts use to determine whether a particular promise will be enforced, it is necessary to understand some fundamental concepts of contract law. In this section, we describe the sources and general function of contract law. We also provide the definition of a contract and introduce the objective theory of contracts. The common law governs all contracts except when it has been modified or replaced by statutory law, such as the Uniform Commercial Code
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BL-Chapt10 - Print Chapter Page 1 of 22 Nature and...

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