INTRODUCTION TO CONTRACTS 1 Two sources of contract law 1 common law covers real estate services employment and insurance a harder to get into contract and easier to get out 2 Uniform Commercial Code UCC unified across states contracts for sale of goods a Easier to get into but harder to get out 2 Basic requirements for an enforceable contract ALL 6 must be met 1 Agreement requires two parties offeror and offeree the offer and acceptance must be the same 2 Consideration foundation of a contract something of value but there has to be an ex change between the two parties value goods services real estate etc Promise has legal value Haymer vs Sidway 3 Capacity lawful ability to engage in contract does not include minors mentally ill in toxicated person 4 Legality all contracts must be for lawful purposes if you meet the first four you have a valid contract 5 Genuineness of assent agree as to what the terms mean 6 Form Statute of Frauds satisfaction some contracts have to be in writing to be en forceable contract for sale of goods over 500 must be in writing 3 Types of contracts 1 bilateral v unilateral person who puts forth the offer in bilateral contract there is a promise for a promise unilateral means there is a promise for performance but not locked in until job is fully performed If there is conditional language the contract is unilateral if than unilateral contests lottery sports tournament 2 express v implied express are conveyed in words writing or oral Implied implied through behavior 3 actual v quasi actual 99 99 of all contracts Quasi court creates contract based on fairness Ex Doctor helps crashed motorcyclist on the side of the road and charges for services Doctor wins the case 4 executed v executor executed fully performed services by both parties Executor have not been fully performed by at least one party 5 void v voidable v enforceable void court treats it if there was never a contract in the first place Voidable include an option to get out of it some contracts are created to be voidable option contracts must be supported by separate and distinct consideration Enforceable all 6 of basic requirements have been met
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