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Contracts
Basic Knowledge
| Contracts 1 | Concepts |
|---|---|
| Definition of Merchant (UCC § 2-104(1) | A merchant is someone who "deals in goods of the kind" or "by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction. |
| Definition of Goods | All things which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid, investment securities and things in action |
| Definition of Promise | A manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made |
| Definition of Offer | A manifestation of present contractual intent, certain in its terms, and communicated to the offeree. |
| Definition of Contract | A promise or set of promises for which the breach the law provides a remedy. |
| When does the UCC apply? | Contracts for the sale of goods. |
| What's required for an offer? | There must be definite and certain terms which include quantity, time for performance, price, identificationof the parties, and subject matter. |
| What does a VALID contract contain? | Offer + Acceptance + Consideration |
| What does a VALID ENFORCEABLE contract contain? | Offer + Acceptance + Consideration – Defenses |
| What is the difference between a valid and enforceable contract? | Enforceable removes the defenses |
| UCC Rule does or doesn't need to be the "Mirror Image" of a contract? | No it doesn't |
| Where does the "mirror image rule" apply at? | Common Law |
| Explain "Mirror Image Rule" | An offer must be accepted exactly with no modifications |
| Explain "Objective Standard" | The validity of a contract is examined from an objective viewpoint (i.e., from the standpoint of a reasonable person), and not from a subjective viewpoint |
| Define Ovation | The replacement of one of the parties in a contract with the consent of all parties involved. The new party takes over the obligations and rights of the original party |
| Definition of Breach | One party fails to fulfill their obligations as specified in a contract. This can involve not performing a duty, performing it inadequately, or not performing it on time. |
| Explain "Promissory Estoppel" | A legal principle that prevents someone from going back on a promise, even if a formal contract doesn’t exist, if someone else has relied on that promise to their detriment. |
| Name 3 requirements for a promise. | 1.Statement of commitment 2.Statement is sufficiently certain 3.Statement is communicated to promisee |
| Definition of UCC | Comprehensive set of laws governing commercial transactions in the United States, including the sale of goods, negotiable instruments, and secured transactions. It is adopted in some form by all 50 states. |
| Definition of Common Law | A body of law derived from judicial decisions rather than statutes. It governs contracts not covered by the UCC, such as contracts for services, real estate, and employment. |
| Definition of Public Policy | Contracts that violate public policy, such as those involving illegal activities, are not enforceable. |
Created by:
R.Kinney
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