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12 Cards in this Set

  • Front
  • Back
Common Law
Law that is made via rulings of the appellate courts. Governs most contracts, including employment, services, insurance, real property, patents, and copyrights.
Uniform Commercial Code
Governs sales of all personal goods (or personal property). Sale is a transfer of title from seller to buyer, and goods are tangible personal property.
Requirements of a Contract
Mutual assent, consideration, legality of object, and capacity
Mutual assent
Parties to a contract must manifest by words or conduct that they have agreed to enter into a contract. Usually offer and acceptance.
Consideration
Each party must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange.
Legality of Object
The purpose of a contract must not be criminal, tortious, or against public policy.
Capacity
The parties must have the ability to enter into a contract. Minors, those judicially declared incompetent, and intoxicated persons cannot enter into contracts. Every one else can.
Bilateral contract
A contract that comes into existence by an exchange of promises.
Unilateral contract
Only one person makes a promise. That promise need not be fulfilled until the the other acts or refrains from acting.
Void Contract
Not a contract. Does not meet all of the requirements, will not be enforced.
Voidable contract
A contract that in the matter it comes to being, allows one or more of the parties to avoid the legal duties of the contract. If a voidable contract is avoided, both parties are free form their legal duties under the contract.
Unenforceable Contract
A contract for the breach of which the law provides no remedy. Can be because of a Statute of limitations, for example.