Introduction to Contracts - Bussiness Law - Lecture Slides, Slides of Commercial Law

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INTRODUCTION TO CONTRACTS

“Contracts are agreements made up of big words and little type.”

CONTRACT LAW

• Introduction to Contracts
• The Agreement: Offer
• The Agreement: Acceptance
• Consideration
• Reality of Consent
  • Capacity to Contract
  • Illegality
  • Writing
  • Rights of Third Parties
  • Performance & Remedies

Learning Objectives

• Nature of contracts

• Basic elements of a contract

• Basic contract types

• Sources of contract law

• Non-contract obligations

• Not every promise is legally enforceable
• But when a set of promises has the status of

contract, a person injured by a breach of that

contract is entitled to call on the government

(courts) to force the breaching party to honor

the contract

• Contract law is ancient law, but has evolved to

reflect social change

NATURE OF CONTRACTS

UNILATERAL BILATERAL

EXECUTORY EXECUTED

VALID VOIDABLE VOID

EXPRESS IMPLIED

CONTRACT CLASSIFICATIONS

SOURCES OF CONTRACT LAW

• COMMON LAW
• UNIFORM COMMERCIAL CODE

(SALE OF GOODS ONLY)

• CONVENTION ON THE INTERNATIONAL SALE

OF GOODS (CISG)

The UCC and Common Law

NON-CONTRACT DUTIES

• QUASI-CONTRACT
• PROMISSORY ESTOPPEL

 Holt v. Home Depot, U.S.A., Inc.

 Hurdis Realty v. Town of North Providence

REVIEW: CONTRACT AND

NONCONTRACT RECOVERY