LGS Exam 2 TermsPDF

LGS Exam 2 TermsPDF - Uniform Commercial Code(UCC Art.2 o...

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Uniform Commercial Code (UCC)/ Art.2 o Uniform Commercial Code (UCC) One set of uniform laws in a separate book that will apply to contract law across the country Article 2 governs mainly contract relations between merchants ( sales of goods exceeding $500 ) Valid Offers o Reasonable belief that the offeror is extending the offer to the offeree (seriousness of purpose) i.e. Lucy vs. Zehmer (Court thought it was a genuine/serious offer) 4 Essential Elements of a Valid Contract o Agreement Mutual assent; say yes to the same thing There has to be an offer and an acceptance Offer- creates the power of acceptance Acceptance- As soon as a person accepts an agreement then you are bound in contract o Consideration Bargain for exchange; value going both ways (i.e. I will give $15 if you wash my car.) Peppercorn Rule (exception) When the object is not denominated in monetary terms the court will not question its value o Capacity Certain people lack the ability to sign a contract (Under 19 in the state of Alabama, and intoxication, and insanity) The agreement is not real because you are not mature enough to be legally bound to your agreement ( it does not count ) o Legality of Purposes If object of contract is an illegal activity the government will not enforce it Intent of the parties o The court looks to facts to determine what the term of the agreement are that is why writing it down is so important Bilateral Offer- negotiated o A promise for a promise; Offer and acceptance ( i.e. If you promise to paint my house by next April 1 st I will give you $1000.) Unilateral Offer o A promise for a specific act, you have to preform the act entirely ( i.e. First person to show up to wash my car gets $50) Implied in Fact Contract o A contract in which agreement between parties has been inferred from their conduct ( i.e. waited on at a restaurant) Contracts Implied in law/ quasi contracts o Quasi contract- It is not really a contract but the court will find an obligation on the other party Mistake o When there is a mutual mistake of material fact (A fact that is critical to the agreement)
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