Contracts Flashcards
Merchant Test
(1) one who regularly deals in goods of the kind, or (2) who otherwise by their profession holds themselves out as having special knowledge or skill as to the goods involved
Goods
all things moveable when determined at the time of the contract
Offer
manifestation of intent to be bound via an expression of promise, undertaking or commitment that is certain and definite and communicated with the offer
Real Estate Contract Essential Terms
description of the land and the price
Sale of Goods essential terms
quantity
Exceptions: requirement and output contracts (but cannot be unreasonably disproportionate as to the normal business or estimate
Employment contract essential terms
if duration not specified, then at will
Service contracts
material terms like who and what . . . nature of the work to be performed