Lecture 7 Slides - Introduction to Contracts and Contracts in Writing

Contract

A deal that the law will enforce.

Agreement

Everyone says yes to the same deal.

Offer

One person suggests a deal.

Acceptance

The other person says yes to the deal.

Consideration

Each side gives something (money, work, stuff, etc.).

Contractual Capacity

You are legally able to make a contract (old enough and mentally okay).

Legal Object

The deal must be legal (not about crimes).

Lack of Genuine Assent

Someone was tricked, forced, or pressured.

Lack of Proper Form

the contract should be written, but it isn’t.

Common Law

Laws made by judges.

Uniform Commercial Code (UCC)

Laws about selling stuff.

Express Contract

The deal is clearly said or written.

Implied Contract

The deal is shown by actions, not words.

Quasi-Contract

Not a real deal, but the court forces fairness.

Unjust Enrichment

Someone unfairly benefits.

Statute of Frauds

Rule saying some contracts must be written down.

M Y L E G S

Memory trick for contracts that must be written.

Marriage

Deals made because people are getting married.

Year

Deals that cannot possibly be finished in one year.

Land

Deals involving houses, buildings, or land.

Executor

Someone agreeing to pay a dead person’s debt.

Goods over $500

Deals for stuff worth more than $500.

Suretyship / Secondary Obligor

Promising to pay someone else’s debt.

Fixtures

Stuff attached to land (house, trees, pool).

Identification of Parties

Names of people in the deal.

Subject Matter

What the deal is about.

Consideration (written)

What each side gives.

Relevant Terms

Important details of the deal.

Quantity Term

How many items are being sold.

Electronic Signature

A digital signature.

Goods

Physical stuff you can touch.

Services

Work someone does for you.

Secondary Obligor

Person who promises to pay if someone else doesn’t.