Business Law Chapter 9 Review

contract

legally enforceable set of promises

what are the 5 common law requirements for contracts?

an agreement, supported by consideration, knowingly/voluntarily entered, by parties with capacity to contract, to do legal acts

By when did English Courts recognize the ability to contract?

1603

why is gov interference in private contracts justified?

to protect those who lack the power to protect themselves

how was the UCC developed?

by two groups of judges, lawyers, legislators, and legal scholars

what is the only state to reject the ucc?

Louisiana

what are the reasons differences in how states implement the UCC are observed?

alternative options, states making changes, varying interpretation

Article 2 of the UCC applies to what

all contracts for the sale of goods

goods

tangible, movable personal property

what kinds of exchange are not included in article 2?

services, immovable property, intangible property

when does article 2 apply to hybrid cases for both goods and non-goods?

if the goods are the predominant part

merchant

regularly deals in the kind of goods being sold or pretends to have some special knowledge about the goods

why was the CISG created?

as a way to unify an international law of sales

valid contract

one that meets all legal requirements for a contract

unenforceable contract

meet the basic legal requirements for a contract, but will not be enforced due to some other legal rule

voidable contract

one that may be canceled by one or both parties

unilateral vs bilateral contract

one party makes a promise vs both parties make a promise

executed

when all parties have fully performed their duties under the contract

what makes a contract executory?

as long as it has not been fully performed

when is a contract considered partially executory?

if one person has performed their promise but the other person has not

express contract

when parties have directly stated its terms at the time the contract was formed

implied contract

when the facts indicate that an agreement has been in fact reached

quasi contract

requires defendant to act as if they had promised to pay for the benefit they voluntarily received

what kinds of promises do not fall under quasi contract?

benefits received unknowingly or reasonably believed to be a gift

what are the 3 requirements for promissory estoppel?

promise that promisor should foresee is likely to induce reliance, reliance on the promise by the person receiving the promise, injustice as a result of their reliance