Introduction to Contracts - Bussiness Law - Lecture Slides, Slides of Commercial Law

Download Introduction to Contracts - Bussiness Law - Lecture Slides and more Slides Commercial Law in PDF only on Docsity! INTRODUCTION TO CONTRACTS “Contracts are agreements made up of big words and little type.” Docsity.com CONTRACT LAW • Introduction to Contracts • The Agreement: Offer • The Agreement: Acceptance • Consideration • Reality of Consent • Capacity to Contract • Illegality • Writing • Rights of Third Parties • Performance & Remedies Docsity.com • Not every promise is legally enforceable • But when a set of promises has the status of contract, a person injured by a breach of that contract is entitled to call on the government (courts) to force the breaching party to honor the contract • Contract law is ancient law, but has evolved to reflect social change NATURE OF CONTRACTS Docsity.com ELEMENTS OF A CONTRACT • 1) AGREEMENT • 2) CONSIDERATION • 3) CAPACITY • 4) LAWFUL OBJECT Docsity.com UNILATERAL BILATERAL EXECUTORY EXECUTED VALID VOIDABLE VOID EXPRESS IMPLIED CONTRACT CLASSIFICATIONS Docsity.com The UCC and Common Law Oem ren eer ra a Nyy Code Na oe Unie applied applies. eed Sale af good? N Back to tf comman law. Yes Code (Code mile ; applies = Yes paint? ; Special rule for merchants? ® Docsity.com NON-CONTRACT DUTIES • QUASI-CONTRACT • PROMISSORY ESTOPPEL Holt v. Home Depot, U.S.A., Inc. Hurdis Realty v. Town of North Providence Docsity.com FOUR ELEMENTS: PROMISSORY ESTOPPEL • 1) PROMISE • 2) REASONABLE RELIANCE • 3) ACTUAL RELIANCE • 4) INJUSTICE Docsity.com