Chapter 7: The Essentials Of Contract Law

34chapter 7 inc Essentials OF contract LawThe History OF contract Lawcomagreement persteen 100 GY more competent parties based on murual promises 10.00 of remain From doing some particular song in3 nerver mego not impossibleResults in on obligation oraday mai cm be enterced in a court 01 awMerganilie Law. Ancient some Capitalism, and the ChurchLaw Merchantgualines me laws am me procedures Followed by merchants in commerce at transactionsMercanneorganized among the merchants memserves who needed a tormourez way 10 dear with one anoiner when disputes aroseDevelopment OF the Law MerchantcaronLawadidasNOTme church encouraged merchants to establish guilds that Followed me low of the churchthe Church also insisted not merchants never engage in ae celt and disnonesive and always FOLLOW a good Fain approach tocontract developmentThe characteristics of the Law MerchantinvolvementUniversalityintegrationNeuroustryMutuallyEvolutioninvolvementAccurres that those allested by the law participate in IS making and its executionNeuronyany systemOFlawsthesamememight Deuniversal Louismose with apply 10 everyone regardless OF ines social status or their place at origin / or Recovernyun that commercial managements anways your 1 competation between in partiesintegration OF the Law Merchant with-amtowered 19 near cases studungsince Junes were menably made UD 09 mercions the law metchard was used 1g at me casesStaple COUNTEHenry cases mm involved cenain sel commaditiesRUN by movors wro were sorced 10 and 0007 mercannie lawEVOLUTION OF the Law Merchant and common LawAdministrarycourtsmitunos set US 187 seasors JOUIDS 10 randle du putes invoicing manure 10 shipping contracts conness over docking righte cousions a sea andine.likeThe Restatement OF ine Law OF contractsLOW Merchant Principies in Modern LOWcontract lawthe division between a low ina FOCUSES only on movable crocerty (goods) and one not centers or immediate properly (req property and mustes)me development of the rights 01 0 good rown purchaser in goodsthe it anster 01 ownership 01 goods used on the ransfer 01 documentsme development of the concept 01 warranties of inness and warranties 01 merchantabilityNegotiable instrumentsme development g registrate bills as exchange and promissory notes that give a good rain transferee the right to be paid by me drawer or makereven if drawer or maker has a desense against the original paree.Business OrganizationsThe invention or joint vensures with united Hability for investors Development o JAIN property ownership inme development of rights among partners in a partnershop in which rights at the remaining partners survive thedear or another partner.secured transactionsThe invention 01 the cnouel mortgage wherein an unpaid seller has a security interest in goodsINtellectual Propertyme creation or saleras and trademarksThe Elements OF a Contractthe four clements 01.0 contactMutual AssentMal-the the are HAS been placetly made by the and accepted proteing by The offeree time murual assent exists betweensome green the courts will say that musual assent exists when there nos been a meeting of me minds among the Dariles tothe agreement Those Siluations that might destroy assent include rroud (both active and passive), misre presentation mistakeauress and undue insuranceConsiderationcansideration is the ming of value promised to the other party in exchange For someining else OF value promised by theother any each sine in a contract must give UD something mele legal detriment and must gain something their legal benefit.The courts are generally not concerned with the adequacy OF considerationcapacityThe mira contractual element is the legal ability 1) make a contract All the parties to a contract are legally permitted10 assume inal me giner parties passess capacity this assumption however IS a rebultable presumpton.with means that any ofthe parties can attack or resour that presumption Many perhaps most capacity questions involve minors capacity also appearsas a question in cases involving some son at menial impairmentLegalitythe una element or a binding contract is legally cleaning any contract to commit a crime or a tort would be illegal and and some contracts are 31 made mega by standary law mese exclude BOX - or nowunconscionable agreements and some Sunday agreements mero 019 and same with rove over adidas - 07 thecourts based on the document or public DONGYThe objectives OF contract Lawme under www 10 water the softies is ins convers environ me agreement EDRAVY" re COUT determines that the sames withings emered the agreement men the convroo is yourdThe payment OF Damagesconsequential damagesindirect damages ing: result because OF special circumstances ingreas win 0 particular contractcompensation managesEqual 1) the real Financial loss sussert by me innocent vioumincidemal comegespaid by are breaching party 10 make UD FOR any expenses paid or me vicum 10 preventary addisona 1035Punitive camagesDesigned 10 DUNISM no wrong deter for his or ner outrageous conductTypically no awarded 10 contract casescontracts and the Uniform Commercial Codethe commercial code (VCC) is a medersetos lows des suggest +0 governprocess 2 or me UCC seis down the rules m govern sale 01 goods contractscontracts-and other AgreementsAll contracts are musements by not all agreements are CONTROCS" be enrorceable on agreement must conform 10 the law or contractsto agreement may IT may not to legally emerceame contracts and PrivatyPrivilyAll parties have a legally recogn Led interest in the subject at the contract 15 they are 10 De bound by itcontracts and Agency Lawmarch is a Darry who has been rated or appointed DV a principle 10 perform some son of work usually OF a business natureFOR the Drincipleagens can and the principle to a contract even IF the principle IS not presentContracts and the statute OF FraudsStatute OF FroudsA low that annies mose common 11701 must be in writing 10 be enforceable in courtcontractual Characteristicsvolld contractone that IS legally binding and Fully enforceable by the court100 contractone not nasno legal effect whatsoeverone that may be provided or concelled by:one OF the partiesx unenforceable contractone man pecs use OF -same run 91 low CONTON be upheld by a court 91 10Wunualerm contract-Anagreement in which one carry makes a promise 10 do someoning increase FOR an act at some sortBHateran contractone in which both parties make promises Breeon 91 controlSOCUAS when one OF the the parties FOUIS 40 keep the promiseExpress contract-impated contractGreated by the actions or gestires 01 the Danies involved in me transactioninformal controckAny DID It written contract not contract on recordFORMA controlHOS 10 be write n signed witnessed and placed under the seal OF the parties and denveredconnact 01 Recordspecial type OF Forman CONTROC10010 controct in the true sense 01 me word as 11 is court createdExecutory contactA COMMON in nas no yet been FULLY performed or me parties1Exceused contractwhen 0 contact's terms nove been completely and satisfactority carried sun by own parties