exam sheet #3

exam sheet #3 - Introduction to Contracts: Two Sources of...

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Introduction to Contracts : Two Sources of Contract Law 1. common law: most contracts here; Service Contract, Employment Contract, Real-Estate contract, Insurance contract 2. Uniform Commercial Code (UCC) only one type of contract: contracts for sale of goods (pens,keys,soda,shoes) Basic Requirements for an Enforceable Contract (6 requirements, up to plaintiff to show enforceability have to have all 6) 1. Agreement: two parties offerer and oferee, oferer puts forth offer and offeree can accept that offer and acceptance have to match: mirror images of each other 2. Consideration: foundation of American Contract. Both parties have to forfeit something to get something and has to be obvious in court. 3. Capacity: all parties got to have lawful capable of entering into contract 4. Legality: all contracts got to be for lawful purposes what ever the contract is about its got to be legal 5. Genuineness of assent: agree to what terms mean in contract 6. Form/Statute of Frauds Satisfaction: some contracts have to be in writing to be enforceable NOT ALL Five Types of Contracts : 1. Bilateral vs. Unilateral Bilateral: promise for a promise as soon as exchange promise are in a contract
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