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Chapter 9 Notes - 1

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

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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.
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