Name: Chapter 7
Uploaded: 2017-11-25T19:22:11.000Z
Duration: 17 min 21 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

except for contracts for the sale of goods,

specifically the Uniform Commercial Code, or the UCC.

The idea is that they would provide stability

Contract is a promise or set of promises for a breach

and circumstances surrounding the transaction.

To have a valid, enforceable contract, you need an agreement,

which consists of an offer and acceptance, consideration,

which is a bargained for exchange of something of value,

Legality has to do with purpose of the contract.

It has to be legal at the time of execution.

There are a couple defenses up front to enforceability

in other words, a person shouldn't be forced

to enter into the contract-- as well as the form.

A bilateral contract is a promise for a promise.

The only thing that the offeree has to do to form the contract

the only way the offeree can accept the offer

is by doing the act that was requested in the offer.

In other words, a unilateral contract is a promise

that has to be in writing to be enforceable.

Basically, requirements are that the plaintiff

furnished goods or services expected to be paid,

an executed contract is where all the parties

have done everything they're supposed to.

An executory contract, at least one of the parties

Talk about the three "V"s-- valid, void, and voidable.

A valid contract is an agreement, consideration,

In other words, a valid contract has all four elements

in that it's not a contract to start with.

And a voidable contract is an unenforceable contract.

It's a contract that's valid to start with,

but one or both of the parties could back out of it.

Basically, an example that would be a valid contract

Quasi contract are contracts implied in law

which we've talked about earlier in the semester.

It's designed to prevent unjust enrichment

One example would be if there was a-- not a contract,

but somebody expected to get paid for their services,

then they would get compensated in quantum meruit.

In other words, they'd get the reasonable value

For example, if the other party was enriched,

but it was, for some unnecessary reason-- neglect, misconduct--

for example, if I provided something to another party

and they didn't have an opportunity to reject,

that would mean they necessarily are forced to pay for it.

Let's focus in on the element of agreement.

As we said earlier, that's offer and acceptance.

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Chapter 7

opportunity

basically

determine

potentially