The Law Of Contracts and the Uniform Commercial Code second edition
Body of laws that are imposed on administrative agencies by the courts or legislatures.
Rules established by courts and legislatures that parties must follow.
A courts legal basis for deciding a case.
Section at the beginning of a case that summarizes general information about the case; it is usually prepared by the publisher of the case and the court.
Short case summary at the beginning of a case that identifies a point of law within a case; prepared by the publisher and is not part of the formal court opinion.
A compilation of general areas of the law by the American Law Institute.
Black Letter Law
The Fundamental and well-established rules of law.
Uniform Commercial Code (U.C.C)
One of the uniform laws, which has been adopted in much the same form in every state. It governs most aspects of commercial transactions.
Magnuson-Moss Warranty Act
Federal law that applies to warranties for transactions for products used by household, family or individuals.
Uniform Electronic Transaction Act (UETA)
A uniform act passed by most states addressing electronic signatures and records.
Electronic Signatures in Global and National Commerce Act (E-Sign)
Federal law that addresses electronic signatures and records.
Uniform Computer Information Transaction Act (UCITA)
Uniform law drafted by the NCCUSL to address electronic and Internet transactions; Not widely used or accepted in commercial world.
Scholarly book on a specific legal subject; usually multivolume.
Legal book that summarizes a legal subject; usually used by law students.
Multivolume set of books that contains exaples or templates of legal documents to assit in drafting.
Legal jargon; legal or archaic language.
A proposal made with the purpose of obtaining an acceptance thereby creating a contract.
A meeting of the minds ; consent; agreement.
The assent by the person to whom an offer is made.
Acceptance is a fundamental element of a binding contract.
That which is given in exchange for performance or the promise to perform; the price bargained and paid; the inducement. Essential element of a valid and enforceable contract.
1. Competency in the law.
2. A person's ability to understand the nature and effect of the act in which he or she is engaged.
The condition of conformity with the law; lawfulness.
Statute Of Frauds
A statue, existing in one or another form in every state, that requires certain classes of contracts to be in writing and signed by the parties. Its purpose is to prevent fraud or reduce the opportunities for fraud.
A contract in which each party promises performance to the other, the promise by the one furnishing the consideration for the promise from the other.
A contract in which there is a promise on one side only; a unilateral contract is an offer that is accepted not by another promise, but by performance.
A contract whose terms are stated by the parties.
Implied In Law Contract
Quasi contracts are those imposed by the law, usually to prevent unjust enrichment.
Implied In Fact Contract
A contract in which the law infers from the circumstances, conduct, acts, or relationships of the parties rather than from their spoken words.
Are those imposed by the law.
The equitable doctrinaire that a person who unjustly receives property, money or other benefits may not retain them without some compensation to the other party.
Doctrine that makes a person liable to pay for services or goods that they accept while knowing the other party expects to be paid even if there is no express contract.
A contract whose terms have been fully preformed.
A contract yet to be preformed.
One that has no legal effect.
May be voided or canceled by one of the parties.
The refusal to fulfill a voidable contract.
Signed written contract as opposed to oral.
Not in the customary form; often oral.
Parties who commence the contract or bargaining process, a form of solicitation.
Where seller agrees to sell all his product to one buyer.
Where buyer aggrees to purchase all required supply from seller while contract is in force.
Failure of a party to preform contract obligations
Invitation to negotiate a contract.
The assent by the person to whom one offer is made. Fundamental element of a binding contract.
Rule in contract law that acceptance of an offer is effective upon dispatch by the offerie and not upon receipt by the offer-or.
A position taken in response to an offer. Porposing a different offer.
Internet contract that requires a person to click i accept.
Any act or word of an offeree communicated to an offeror to refuse his or her offer
A cancellation or with draw of an other.
An offer combined with an agreement supported by consideration not to revoke the other for a specified period of time.
An offer made in a signed writing, which by its terms gives assurance that it will be held open and not terminated by the offeror.
A contract in which there is a promise on one side only. n offer that is accepted not by another promise but by performance.
A contract in which each party promises performance to the other, Promise by the one furnishing the consideration for the proise from the other.