Chapter 9 Notes - 1

Chapter 9 Notes - 1 - Ch 9 Promise an assertion that...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Ch. 9 Promise – an assertion that something either will or will not happen in the future Contract law – reflects our social values, interests, and expectations at a given point in time. Promises that are legally binding Sources of Contract Law – Common law unless modified by statutory law, such as the UCC or agency regulations Function of a Contract – Ensure compliance with a promise or to entitle the innocent party to some form of relief Contact – an agreement that can be enforced in court; formed by two or more competent parties who agree, for consideration, to perform or to refrain from performing some legal act now or in the future Objective Theory of Contracts – a theory under which the intent to form a contract will be judged by outward, objective facts o Intent Freedom of Contract and Freedom from Contract Elements of a Valid Contract 1. Agreement – offer and acceptance 2. Consideration – trade of something of value 3. Contractual capacity – parties must possess characteristics that qualify them as competent
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/09/2012 for the course LAW LAW taught by Professor Ricks during the Spring '09 term at Rutgers.

Page1 / 2

Chapter 9 Notes - 1 - Ch 9 Promise an assertion that...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online