1. Law of Contracts
    • Provides a mechanism to deal with others
    • Evolved in commerce over the centuries
  2. Freedom of Contract
    • There are responsibilities to those who create binding relationships
    • Imposes some limits on choices parties may make
  3. Contract Law
    • Common law
    • There is uniformity about general contract principles that run throughout most states' laws
  4. Common Law
    • Judge made law¬†
    • Differs from state to state
  5. Lex Mercatoria
    • Meaning: The Law Merchant
    • English courts began to adopt rules from this years ago
    • Dates back to centuries ago
  6. UCC
    • Uniform Commercial Code
    • All states have adopted this except Louisiana
    • Covers contracts for sell of goods
    • Many countries rely on this for their contract law framework
  7. Blackstone Definition of a Contract
    An agreement, upon sufficient consideration, to do or not to do a particular thing
  8. Modern Definition of a Contract
    Centers on a Promise: A promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some recognizes a duty
  9. What does a promise, itself, create?
    A manifestation of intent
  10. What do contracts form?
    Legal relationships and duties between parties
  11. What requirements must a promise meet for it to be enforceable?
    The requirements of a contract
  12. Express Contracts
    • A direct statement by the parties of the promises made
    • May be oral or written
    • All important terms are expressly state between the parties
  13. Implied Contracts
    • Actions and circumstances infer and define the terms of the contract
    • May be words, conduct, gestures
    • Contract are implied at law
  14. Example of an implied contract
    At a checkout counter, at a grocery store, actions of the parties creates offers/acceptances
  15. What are the elements that need to be present for a contract to be termed valid?
    • An agreement through offer or acceptance
    • Consideration
    • Contractual Capacity
    • Legality
    • Genuine Consent
    • Writing (if necessary under the statue of laws)
Card Set
Chapter 10