Book Definitions

Book Definitions - 06:33 Book Definitions Contractual...

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Unformatted text preview: 06:33 Book Definitions Contractual compacity The legal agreement to enter a binding agreement Uniform Commercial Code (UCC) A statuatory source of contract law in the US applicable to transaction involving the sale of goods. Code was created in 1952 Contract Under Seal A contract that has a seal to make it legal Formal Contracts A contract must have a special form or must be created in a specific manner Recognizance When a party acknowledges in court that he or she will perform some specified act or pay Letter of credit A binding document that a buyer can request from his bank to guarantee that the payment for foods will be made to the seller Plain-meaning rule When interpreting words in a contract, these should be given their ordinary meaning Negotiable instrument An acceptable medium to exchange value from one person to another Informal contract Contracts that require no formalities Simple delivery contract Type of contract in which purchased goods are transferred to the buyer from the seller at either the time of the sale or sometime later by the sellers delivery Option Contract An agreement whereby the offeree gives the offeror a piece of consideration in exchange for the offeror’s agreement to hold the offer open for the special period of time Mirror-image rule The term of the acceptance must mirror the terms of the offer; if the terms of the acceptance do not mirror the terms of the offer then no contract is formed Mailbox rule An acceptance is valid when it is placed in the mailbox; where a revocation is effective only when received by the offeree; in some jurisdictions the mailbox rule has bee expanded to fazxes Consideration What a person will receive in return for performing a contract obligation Requirement contract An agreement whereby the buyer agrees to purchase all his/her goods from one seller and no quantity is stated in the contract ; is valid under UCC but not under common law Output contract An agreement whereby the oferee gives the seller guarantees to sell everything that...
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This note was uploaded on 01/19/2012 for the course DSC 205 taught by Professor Krallman during the Spring '08 term at Miami University.

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Book Definitions - 06:33 Book Definitions Contractual...

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