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Law of Contracts
- Provides a mechanism to deal with others
- Evolved in commerce over the centuries
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Freedom of Contract
- There are responsibilities to those who create binding relationships
- Imposes some limits on choices parties may make
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Contract Law
- Common law
- There is uniformity about general contract principles that run throughout most states' laws
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Common Law
- Judge made law
- Differs from state to state
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Lex Mercatoria
- Meaning: The Law Merchant
- English courts began to adopt rules from this years ago
- Dates back to centuries ago
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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
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Blackstone Definition of a Contract
An agreement, upon sufficient consideration, to do or not to do a particular thing
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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
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What does a promise, itself, create?
A manifestation of intent
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What do contracts form?
Legal relationships and duties between parties
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What requirements must a promise meet for it to be enforceable?
The requirements of a contract
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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
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Implied Contracts
- Actions and circumstances infer and define the terms of the contract
- May be words, conduct, gestures
- Contract are implied at law
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Example of an implied contract
At a checkout counter, at a grocery store, actions of the parties creates offers/acceptances
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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)
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