1. Define a Contract
A contract is promise for the breach of which law gives a remedy or the performance of which the law in some way recognizes a duty (Goldman and Cheeseman 492). An example of a contract could be a promissory note for a loan on a home or car.
2. Define an offer. Who is the offeror and who is the offeree?
The offer is a manifestation by one party’s willingness to enter a contract (Goldman and Cheeseman 493). The offeror is the party who makes the offer while an offeree is the party who the offer is made out to (Goldman and Cheeseman 492). An example of this can be seen in an auction where the auctioneer is the is the offeror and the person bidding is the offeree. The offer would be along the lines of exchanging a certain amount of money for the right to own the auctioned item.
3. What are the four elements necessary for an enforceable contract?
The four required elements of an enforceable contract are agreement, consideration, contractual capacity, and lawful object (Goldman and Cheeseman 493, 495, 496).
4. Describe the common law of contracts. Describe the Universal Commercial Code.
The common law of contracts is contract law that is developed primarily by a state court (Goldman and Cheeseman 490). The Universal Commercial Code is a comprehensive statutory scheme that consists of laws covering aspects of commercial …show more content…
An express contract can be seen when a person signs a written document that signifies an agreement to buy a golf cart for $20,000. Unlike an express contract, the implied in fact contract is a contract in which agreement between parties has been inferred from their conduct (Goldman and Cheeseman 495). This can be seen in a situation where a dishwasher at a restaurant is washing the dishes for an employer. As the employee is doing a bad job at washing dishes, he expects his employer to compensate him for his
A contract is promise for the breach of which law gives a remedy or the performance of which the law in some way recognizes a duty (Goldman and Cheeseman 492). An example of a contract could be a promissory note for a loan on a home or car.
2. Define an offer. Who is the offeror and who is the offeree?
The offer is a manifestation by one party’s willingness to enter a contract (Goldman and Cheeseman 493). The offeror is the party who makes the offer while an offeree is the party who the offer is made out to (Goldman and Cheeseman 492). An example of this can be seen in an auction where the auctioneer is the is the offeror and the person bidding is the offeree. The offer would be along the lines of exchanging a certain amount of money for the right to own the auctioned item.
3. What are the four elements necessary for an enforceable contract?
The four required elements of an enforceable contract are agreement, consideration, contractual capacity, and lawful object (Goldman and Cheeseman 493, 495, 496).
4. Describe the common law of contracts. Describe the Universal Commercial Code.
The common law of contracts is contract law that is developed primarily by a state court (Goldman and Cheeseman 490). The Universal Commercial Code is a comprehensive statutory scheme that consists of laws covering aspects of commercial …show more content…
An express contract can be seen when a person signs a written document that signifies an agreement to buy a golf cart for $20,000. Unlike an express contract, the implied in fact contract is a contract in which agreement between parties has been inferred from their conduct (Goldman and Cheeseman 495). This can be seen in a situation where a dishwasher at a restaurant is washing the dishes for an employer. As the employee is doing a bad job at washing dishes, he expects his employer to compensate him for his