Chapter 15: Sales and Lease Contracts: Performance, Warranties, and RemediesThe Basic UCC Performance Obligation Sellers and lessors are obligated to transfer and deliver conforming goods Buyers and lessees are obligated to accept and pay for conforming goods in accordance with terms of contract “Good faith” required in performance and enforcement of every contract
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Chapter 14: Formation and Performance of Sales and Lease ContractsThe Uniform Commercial Code (UCC): A uniform/model law that governs commercial transactions, including contracts for the sale of goods, leases, and secured transactions
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Chapter 13: Discharge and RemediesCircumstances Resulting in Discharge of Contract Performance Happening of condition or its failure to occur Material breach by one/both parties Mutual Agreement Operation of law
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Chapter 12: Contracts in Writing and Third-Party ContractsPurposes of Statute of Frauds Ease contractual negotiations by requiring sufficient, reliable evidence to prove existence and specific terms of contract Prevent unreliable, oral evidence from interfering with contractual relationship Prevent parties from entering into contracts with which they do not agree
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Chapter 11: Reality of AssentLegal Assent Definition: Voluntary, willing promise to transact the law will require contracting parties to obey Without assent, contract may be avoided/rescinded Cancellation of contract due to lack of assent means party with power of avoidance can require return of consideration given to other party; similarly, party with rescission right mus...
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Chapter 10: Capacity and LegalityContractual Capacity Definition: Mental ability to understand rights and obligations established by contract, with the presumptive ability to understand how to comply with terms of agreement General Rule of Law: Natural persons over the age of majority (18 in most states) are presumed to have the full legal capacity to enter into binding legal ...
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Chapter 9: ConsiderationConsideration Definition: Something of value, given in exchange for something else of value, that is the product of a mutually bargained-for exchange Examples of Consideration Benefit to promisor Detriment to promisee Promise to do something Promise to refrain from doing something
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Chapter 8: Introduction to Contracts and AgreementElements Required For Contract Formation Agreement (Offer and Acceptance) Consideration (Bargained-For Exchange) Contractual Capacity (Legal Ability to Enter Into Binding Contract) Legal Object
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Chapter 6: Tort LawTort Definition: A civil wrong or injury to another, other than breach of contract, giving the injured party the right to bring a lawsuit against the wrongdoer to recover compensation for economic and/or physical damages
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Chapter 5: Criminal Law and BusinessElements of a Crime “Actus Reus”—Wrongful behavior (guilty act) “Mens Rea”—Wrongful state of mind, such as purpose, knowledge, recklessness, or negligence (guilty mind)
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