Contracts – Introduction



Preliminary Matters:

  • 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?