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Unit 14. Contracts under the Uniform Commercial Code. Definition. An agreement between two or more parties enforceable in court. Elements of a contract. Competent parties Proper subject matter Offer Acceptance Consideration (detriment). Competent parties. Age Sound mind

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unit 14

Unit 14

Contracts under the Uniform Commercial Code

definition
Definition
  • An agreement between two or more parties enforceable in court.
elements of a contract
Elements of a contract
  • Competent parties
  • Proper subject matter
  • Offer
  • Acceptance
  • Consideration (detriment)
competent parties
Competent parties
  • Age
  • Sound mind
  • Exception for necessaries
  • Void versus voidable contracts
proper subject matter
Proper subject matter
  • Not illegal
  • Not (excessively) immoral
meeting of the minds
Meeting of the minds
  • Offer must contain material terms
    • Newspaper ads - invitation to make an offer
  • Acceptance must be unqualified
    • Qualified acceptance is a counteroffer
      • Terminates offer
    • Grudging acceptance
consideration detriment
Consideration/Detriment
  • Exchange of value
  • Need not be money
sale of goods
Sale of Goods
  • Tangible personal property
    • Existing
    • Identified
    • Examples
      • Unborn animals
      • Growing crops
statute of frauds
Statute of frauds
  • $500 or more
  • Sufficiency of writing
    • Quantity
    • Signature of party to be charged
statute of frauds exceptions
Statute of frauds - Exceptions
  • Completed transaction
    • Payment made & accepted or goods delivered & accepted
  • Specially manufactured goods
  • Admission in pleadings or otherwise
  • Merchants
    • Definition: one regularly engaged in a particular business
    • Written confirmation w/n reasonable time
    • Party to be charged has reason to know contents
    • Fails to object w/n 10 days
remedies for breach
Remedies for breach
  • Sellers
    • Resell and sue for difference
    • No resale; sue for difference from market price
    • Volume seller: lost profits
remedies for breach1
Remedies for breach
  • Buyers
    • Non-delivery or nonconforming goods (perfect tender rule)
      • Cover
      • Accept w/ notice, sue for damages
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