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A contact is a promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty
Parties of a Contract
The party who makes an offer to enter a contract is the offeror. The party to whom the offer is made is the offerce
Elements of Contact
- 1. Agreement
- 2. Consideration
- 3. Contractual capacity
- 4. Lawful object
Defenses to the Enforcement of aContract
- 1. Genuineness of assent
- 2. Writing and Form
Eventually, sellers began using form contracts that offered their goods to buyers on a take-it-or-leave-it basis. The majority of contracts in this country today are form contracts.
Sources of Contract Law
The Common Law of Contracts - developed from early court decisions that became precedent for later decisions. A majority of common law has been developed from state court decisions.
Uniform Commercial Code - Creates a uniform ssystem of commercial law among the 50 states and normally takes precedence over the law of contracts.
Restatement of the Law of Contract - This document is advisory only; it is not law.
Theories of Contract Law
1. Classical law of contracts - According to this theory: parties were free to negotiate contract terms without government interference.
2. Modern Law of Contract - According to this theory; parties may negotiate contract terms subject to government regulations
Classifications of Contracts
Bilateral and Unilateral Contracts - A bilateral contract is promise. A unilateral contract is a promise for an act
Express and Implied-in Fact Contracts - An express contract is a contract expressed in oral or written words. An implied-in-fact contract is a contract implied from the conduct of the parties.
Quasi-Contracts (Implied-in-Law Contracts) - A quasi-contract is a contract implied by law to prevent unjust enrichment and unjust detriment.
Formal and Informal Contracts - A formal contract is a contract that requires a special form or method for creation. An informal contract is a contract that requires no special form or methods of creation.
Valid, Void, Voidable and Unenforceable Contract
Contract law places contracts in the following categories
1. Valid contract. A valid contract meets all the essential elements to establish a contract.
2. Void contract - No contract exists
3. Voidable contract. A voidable contract is one where one or both parties have the options of avoiding or enforcing the contract.
4. Unenforceable contract - An unenforceable contract is a contract that cannot be enforced because of a legal defence
Executed and Executory Contracts
A contract that is fully performed on both sides is called an executed contracts. A contract that is not fully performed by one or both parties is a called executory contract.
Equity is a doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law
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