What is a Contract and What Law Applies? Flashcards
Two main sources of contract law and what do they apply to
UCC - Sale of goods
Common law - Services
What is a contract
a legally enforceable agreement
Types of contracts
1) Express Contracts
2) Implied in fact contract
3) Quasi contracts
How are express contracts formed?
By language, oral or written
How are implied in fact contracts formed
Conduct
What is a quasi contract and how is it formed
Quasi contract is the an unenforcable contract results in unjust enrichments.
Courts can permit a P to bring an action in restitution based on a quasi contract theory.
What is a bilateral contract and how to accept one?
Exchange of mutual promises.
Accepted in any reasonable way.
What is a unilateral contract and when does it occur?
The offeror requests performance rather than a promise. Can only accept via performance.
Two situations:
1) when the offeror clearly (unambigiously) indicates that completion of performance is the only manner of acceptance.
2) Where there is an offer to the public, such as a reward for an action.
What are “Goods”?
Anything movable when identified to the contract. Tangible physical property.
Who is a merchant
One who regularly regularly deals in good of kind sold, or
holds themselves out as having special knowledge or skills as to practices or goods involved
What if contract involves goods and nongoods (and doesn’t divide payment)?
Apply all common law or article 2 depending on the more IMPORTANT part of the tx
What if contract involves goods and nongoods (and K divides payment)?
Article 2 will apply to goods portion, common law to services portion.
