Sources of contract law Flashcards
1
Q
What are the sources of contract law?
A
Common Law or UCC
2
Q
UCC governs what?
A
“Sales of goods”. If UCC applies, it trumps any contrary common law rule. Goods=Any movable item. Does not include intangibles, money, legal claims, services, or real property
3
Q
Hybrid Cases
A
If contracts involves both sales of goods and service contracts. Must determine then predominant purpose of the transaction
4
Q
Even if UCC?
A
Common law still applies unless UCC contradicts it
5
Q
Express contract
A
oral and written expressions of the agreement
6
Q
Implied in Fact
A
Formed by conduct rather than words
7
Q
Implied in Law
A
Arises when one party bestows benefit on another and it would be unjust not to pay reasonable value of the benefit
