Contract Law (copy)
Overview of Contract Law
Sources of Contract Law
Governed primarily by common law, except when superseded by statutory law.
Example: Sale and lease of goods governed by the Uniform Commercial Code
(UCC).
Function of Contract Law
Ensures enforceability of private agreement promises.
Definitions and Parties Involved
Promise
Declaration to perform or refrain from a future act.
Promisor - party making the promise.
Promisee - party to whom promise is made.
Contract Definition
A promise or set of promises that can be enforced by law.
Formed by parties agreeing to perform or refrain from some act.
Types of Contracts
Parties in a Contract
Offeror: Makes the offer.
Offeree: Receives the offer.
Bilateral vs. Unilateral Contracts
Bilateral Contract: Offeree accepts by promising to perform.
Example: Promise to mow a lawn for payment.
Unilateral Contract: Offeree needs to perform an act to accept.
Example: Reward advertisement for finding a lost dog.
Express vs. Implied Contracts
Express Contracts: Terms explicitly stated (orally/written).
Implied Contracts: Terms inferred from conduct.
Example: Customer orders food at restaurant, which implies a payment for service.
Overview of Contract Law
Sources of Contract Law
Governed primarily by common law, except when superseded by statutory law.
Example: Sale and lease of goods governed by the Uniform Commercial Code
(UCC).
Function of Contract Law
Ensures enforceability of private agreement promises.
Definitions and Parties Involved
Promise
Declaration to perform or refrain from a future act.
Promisor - party making the promise.
Promisee - party to whom promise is made.
Contract Definition
A promise or set of promises that can be enforced by law.
Formed by parties agreeing to perform or refrain from some act.
Types of Contracts
Parties in a Contract
Offeror: Makes the offer.
Offeree: Receives the offer.
Bilateral vs. Unilateral Contracts
Bilateral Contract: Offeree accepts by promising to perform.
Example: Promise to mow a lawn for payment.
Unilateral Contract: Offeree needs to perform an act to accept.
Example: Reward advertisement for finding a lost dog.
Express vs. Implied Contracts
Express Contracts: Terms explicitly stated (orally/written).
Implied Contracts: Terms inferred from conduct.
Example: Customer orders food at restaurant, which implies a payment for service.
