Chapter 29: Agency Formation and Termination
A. Agency Law-The large body of common law that governs agency; a mixture of
contract law and tort law.
B. Agency-The principle agent relationship; the fiduciary relationship which res
Chapter 22: Creation of negotiable instruments
Negotiable Instruments-A special form of contract that satisfies the requirements
established by Article 3 of the UCC.
A. Functions of Negotiable Instruments
1. Substitute for money-Paymen
Chapter 21: Warranties
A. Warranties- A seller or lessors express or implied assurance to a buyer or lessee that
the goods sold or leased meet certain quality standards.
B. Express warranties- A warranty that is created
Chapter 20: Remedies for Breach of Sales and Lease contracts
Seller and Lessor Performance
A. Obligation- An action a party to a sales or lease contract is required by law to carry
B. Breach- Failure of a party to perform an obliga
Chapter 19: Title to goods and risk of loss
Identification of Goods and passage of title
A. Identification of Goods- Distinguishing of the goods named in a contract from the
sellers or lessors other goods.
1. Can be made at any time and
Chapter 16: Remedies for Breach of Traditional and E-Contracts
Three levels of a contract:
1. Complete-No breach in contract.
2. Substantial-Minor breach in contract.
3. Inferior-Breach in contract that impairs or destroys it.
Chapter 14: Statute of Frauds and Equitable Exceptions
Statute of Frauds for Common Contracts
A. Statute of Frauds- A state statute that requires certain types of contracts to be in
Contracts involving interests in real property
Chapter 12: Capacity and Legality
A. Minor- A person who has not reached the age of majority.
B Infancy Doctrine- A doctrine that allows minors to disaffirm (cancel) most contracts
they have entered into with adults.
C. Disaffirm- The ac
Case 30.2: Lewis v. D. Hays Trucking, Inc.
The plaintiff in this case was Phyllis Lewis and the Defendant was D. Hays
Trucking, Inc. Hercules, Inc. is a large chemical corporation. They extract resins from
tree stumps and sell them to other
Chapter 11: Consideration and Promissory Estoppel
A. Consideration- Something of legal value given in exchange for a promise.
B. Requirements of Consideration
1. Legal value
a. If promisee suffers a legal detrim