Modules 1-3 Flashcards
Definition of contract from Black’s Law
And agreements between two or more parties creating obligations that are enforceable or otherwise recognizable at law
What is a contract?
Promise, or set of promises, the breach of which the law gives a remedy, or the performance of which the law in someway recognizes as a duty.
Contracts controlled by law
Contracts of employment, contracts of insurance, contract of adhesion
What is a contract of employment?
Minimum wages, hours, working conditions, and required social insurance programs
What is a contract of adhesion?
Where the individual doesn’t have much choice or say in the contract but can only take it or leave it. Ie) when buying or selling a vehicle there’s certain paperwork and contracts that are always the same and must be completed by law
What is a bailee?
Person who receives property from another and has possession of but not title to the property
What are five important factors involved in contracts?
A) sovereignty B) moral compulsion C) private autonomy D) reliance E) needs of trade
What does sovereignty mean in contracts?
Individual
What does moral compulsion mean in contracts?
Upholding moral values
What does Private autonomy mean in contracts?
Freedom of the private sector with controls against excesses
What does reliance mean in contracts?
Fairness to the promisee
What does needs of trade mean in contracts?
Economic efficiency
What is the feminist legal theory?
Differences between feminine and masculine perspectives. Women see society and contractual relations with in society in a relational tapestry rather than in sharply defined rights and wrongs. Essentially the law has been imagined, written, and upheld by men from the beginning of time. So it doesn’t really reflect society’s values and ideas, but men’s values and ideas.
What is the critical race theory?
The status of non-whites as outsiders in a society dominated by Caucasians. The law has been envisioned, written, and upheld by white men and even though it claims to be colorblind, obviously it is from that limited Caucasian perspective.
What is common law?
Embodied in court decisions
Contract law is primarily what type of law?
Common-law. Legislatures have concentrated on regulating particular types of context such as insurance policies and employment contracts. This is developed by cases and stare decisis. Common-law is for non-movable items like real estate and service contracts
What is the restatement of contracts?
A document issued by a private organization. It doesn’t have the force of law but it is highly persuasive authority.
What are the two schools of jurisprudence in contacts?
A) positivist
B) realist
What is positivist jurisprudence?
Mechanical jurisprudence. Justice is in a rational idea. It presents the law as it is without defending it by calling it just or condemning it to call it unjust. Once the facts are determined I carefully programmed computer could produce the correct decision
What is realist jurisprudence?
Until the court has passed on the facts, no law on that subject is yet in existence. Courts do in fact and should take into account the moral, ethical, economic, and social situation in reaching a decision.
What is the UCC?
Uniform Commercial Code. The total legal obligation created by a bargain. It has nine articles. This is a statutory body of law that deals with contract principles for specific kinds of contracts like transactions in goods (A.k.a. movable items). The UCC is mostly uniform from state to state. The UCC is for movable objects.
What are the articles of the UCC?
- General provisions applicable to all transactions governed by the UCC
- sale of goods ** most important to contracts
2A. Leasing of goods - Commercial paper
- Bank deposits
- Letters of credit
- Bulk transfers
- Warehouse receipts and other documents of title
- Investment securities
- Secured transactions (sales of accounts and chattel paper)
Why is the UCC persuasive?
It embodies the foremost legal thought concerning commercial transactions
How does the UCC define merchant?
- one who deals in goods
- Holds himself out as having knowledge or skill peculiar to the practices involved in the transaction
- Holds himself out as having knowledge or skill peculiar to the goods involved in the transaction
- Employees and intermediary that holds himself out and having the required knowledge or skill