Contract Common Law

Contract Common Law - Contract Common Law G Francis T Rule...

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Contract Common Law G Francis T Rule about Contracts: -common law/UCC uniform commercial code. UCC is for buying and selling goods, common law contract is for everything else, Party, subject matter, price,delivery, payment terms – all neds to be listed in common law Party and subject matter – 2 things for UCC- everything else is filled by the judge based on the reasonableness. Contract is a promise or set of promises for breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. Contract is a set of voluntary promises that the law will enforce for private parties. Sources of Contract Law:/ Law that governs contracts 1) Common law * First law of contracts * Law decided by the judges and they used statutory law to interpret the common law * Common law applies to contracts that have land or services as their subject matter. Eg employment, home etc * Party, subject matter, price, delivery, payment terms
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Contract Common Law - Contract Common Law G Francis T Rule...

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