Unit 14
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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

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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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