CHAPTER 10

CHAPTER 10 - Commercial Law Chapter 10 CHAPTER 10 CONTRACTS...

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Commercial Law Chapter 10 CHAPTER 10 CONTRACTS AND E-CONTRACTS: NATURE AND TERMINOLOGY I. An Overview of Contract Law A. Introduction 1. Contract law deals with among other things, the formation and keeping of promises a. Reflects our social values b. Promise of moral obligation and legally binding c. Making a promise while mentally incompetent—legally enforce? 2. Promise - a person’s assurance that the person will or will not do something B. Sources of Contract Law 1. Contracts relating to services, real estate, employment, and insurance are generally governed by the common law of contracts 2. Contracts for sale and lease of goods are governed by the UCC (Uniform Commercial Code) 3. This chapter explores the common law of contracts C. The Function of Contract Law 1. Contract law is designed to provide stability and predictability, as well as certainty, for both buyers and sellers in the marketplace 2. Contract law deals with, but not limited to: a. Formation and enforcement of agreement between parties (in Latin pacta sunt servanda “agreements shall be kept”) b. Supplying procedures for enforcing private contractual agreements c. An essential condition for the existence of a market economy d. To ensure compliance with a promise or to entitle the innocent party to some form of relief 3. Contract - a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. A legally binding agreement between two or more parties who agree to perform or to refrain from performing some act nor or later in the future J. Duong 1
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This note was uploaded on 04/06/2008 for the course BUSI 157 taught by Professor Brierton during the Fall '07 term at Pacific.

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CHAPTER 10 - Commercial Law Chapter 10 CHAPTER 10 CONTRACTS...

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