Contracts – Introduction
- Applicable Law: common law governs contracts.
- Assume that Uniform Commercial Code Article 2 (Sale of Goods) and Revised Article 1 have been adopted.
- Defn: a CONTRACT (K) is a promise that the law will enforce.
- Ks can be explicit or implicit, bilateral or unilateral. A unilateral K is one that is accepted by performance. Contests, rewards, and prizes are also unilateral Ks.
- Quasi Ks = remedy to correct unjust enrichment
Formation of Contracts:
- Step 1: Was there an offer?
- Step 2: Was the offer terminated or was it accepted?
- Step 3: Was there consideration?