Contracts - introducción

What is the purpose of contract law?

To determine whether a promise is enforceable in court.

What law generally governs contracts for the sale of goods?

Article 2 of the Uniform Commercial Code (UCC).

What law generally governs contracts other than sales of goods?

Common law.

What are the three basic elements of contract formation?

Offer, acceptance, and consideration.

What is an offer?

A communication showing the offeror’s willingness to make a deal and be legally bound by it.

Who is the offeror?

The person who makes the offer.

Who is the offeree?

The person to whom the offer is made.

What is acceptance?

A promise or act by the offeree indicating agreement to the offer.

What is consideration?

A bargained-for exchange.

Is a promise to make a gift generally enforceable as a contract?

No. A gift promise generally lacks consideration because it is not part of a bargained-for exchange.

What is a unilateral contract offer?

An offer that invites acceptance by performance.

How would Miguel accept Rosa’s offer to pay his tuition if he visits her three times?

By visiting her three times as requested.

What is a bilateral contract offer?

An offer that invites acceptance by a return promise.

How would Miguel accept Rosa’s offer to pay his tuition if he promises to visit her three times?

By promising to make the visits.

What issues arise when contract terms are missing or unclear?

Courts must determine the parties’ obligations and interpret ambiguous terms.

What does the parol evidence rule concern?

Whether evidence outside a written agreement may be used to establish or alter its terms.

What performance questions can arise in a contract dispute?

Whether a party performed sufficiently and whether the other party’s performance is due.

What is a breach of contract?

A party’s failure to perform as promised.

What is the statute of frauds?

A rule requiring certain contracts to be supported by a sufficient writing signed by the party against whom enforcement is sought.

What are contract remedies concerned with?

What relief, including damages, is available after a breach.

Who is a third-party beneficiary?

A person whom the contracting parties intend to benefit from their agreement.

What is delegation of duties?

Arranging for a third party to perform a contractual duty.

What is assignment of rights?

Transferring a contractual right to receive performance to a third party.

What is a useful order for analyzing a contracts question?

Applicable law → formation → terms → performance → defenses → remedies → third-party rights.