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Contract law in the United States: Difference between revisions
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(→Option contract: Contracts/Firm offer) |
(→Main sources: Contracts/Uniform Commercial Code) |
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In the United States, there are 2 main sources of contracts: | 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 | #'''2nd Re-statement of Contracts''' outlines rules found in the '''common law''' of contracts | ||
#'''[https://www.law.cornell.edu/ucc/2 Article 2] of the <span style="background:yellow">Uniform Commercial Code</span>''' (UCC) is a set of uniform statutes governing the <u><span style="background:yellow">sale of goods</span></u>. | #'''[https://www.law.cornell.edu/ucc/2 Article 2] of the <span style="background:yellow">[[Contracts/Uniform Commercial Code|Uniform Commercial Code]]</span>''' (UCC) is a set of uniform statutes governing the <u><span style="background:yellow">sale of goods</span></u>. | ||
UCC has been adopted by all 50 states. | UCC has been adopted by all 50 states. | ||
==Requirements of a contracts== | ==Requirements of a contracts== | ||
Revision as of 15:35, June 18, 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)
Option contract
An option contract is created when the offeror keeps an offer open for a short amount of time in exchange for the offeree’s consideration. On the other hand, a firm offer doesn't require consideration.
