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Contract law in the United States: Difference between revisions
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| Line 11: | Line 11: | ||
==Requirements of a contracts== | ==Requirements of a contracts== | ||
A contract requires 4 elements: | A contract requires 4 elements: | ||
#offer | #offer is willingness to enter into a bargain | ||
#acceptance | #acceptance is an expression of assent to an offer; acceptance can be a promise (bilateral) or performance (unilateral) | ||
#intent | #intent | ||
#consideration. | #consideration is the exchange of something of value between the parties. | ||
(offer) + (acceptance) = (mutual assent) = (meeting of the minds) | |||
Revision as of 17:54, June 10, 2023
An agreement that may be legally enforced is a contract.
Main sources
In the United States, there are 2 main sources of contracts:
- 2nd Re-statement of Contracts outlines rules found in the common law of contracts
- Article 2 of the Uniform Commercial Code (UCC) is a set of uniform statutes governing the sale of goods.
UCC has been adopted by all 50 states.
Requirements of a contracts
A contract requires 4 elements:
- offer is willingness to enter into a bargain
- acceptance is an expression of assent to an offer; acceptance can be a promise (bilateral) or performance (unilateral)
- intent
- consideration is the exchange of something of value between the parties.
(offer) + (acceptance) = (mutual assent) = (meeting of the minds)
