Common Law And The Uniform Commercial Code

A contract is an official agreement between two parties. There are different types of contract, such as sale and purchase of a business agreement, partnership agreements, lease of business premises, lease of plant and equipment and employment agreements. The format can vary too. It can be face to face, written, or distance selling. The specifications of a contract involve offer and acceptance, the intention to create legal relations, lawful considerations, capacity and legal formalities such as terms and conditions.

Contracts are formal agreements between people or businesses however, there are many different types of contracts and many different parts to a contract. There are a couple of elements of a contract. First proposal of the contract is accepted than consideration of the offer. In addition to that, a contract must be for a lawful purpose and the adults must be of sound mind to consent to a contract. Lastly, writing some types of contracts must be in writing to be enforceable. There are two contract rules for governing the sales of goods and the sale of services. The Uniform Commercial Code (UCC) is the code used for the sales of goods. The sales of services is use common law to govern these contracts.

Offer- This is defined as a clear manifestation of willingness to enter an agreement made by another person with full understanding that their assent to the bargain is an invitation and is concluded.

1.Some differences between the Uniform Commercial Code and the Common Law of contracts are what is valid as an acceptance.

An offer is classified through the notion and understanding the willingness of both parties to enter into a bargain or proposal to a contract. The person who makes an offer is the offeror. The person to whom he makes that offer is the offeree. The terms are annoying but inescapable because, like handcuffs, all courts use them. Stan who is the salesperson on the car lot allowed the buyers Jim and Laura to test-drive the car, after test driving the blue four door sedan the couple gave Stan a 100-dollar deposit to hold the car for one day without signing any paperwork.

Contracts are used in many situations such as business and individual situations. But not all contracts are binding, even if they were willingly agreed by both the offeree and offerer. The promise outlined in the contract has to be legal and voluntary for it to be affective by law. Whilst both parties must accept a just understanding for a contract to be valid. A contract is a chosen arrangement between two or more parties that is enforceable by law as a binding legal arrangement. Contracts are vital for the protection of consumer rights as it allows the consumer to have legal paperwork of documentation if there was a chance of misadventure. Consumers must be very wary about the importance of reading through their contract before accepting

The Fundamentals of a Contract is when a legal agreement is constructed that bonds a party of two or more individuals, corporations, etc., into a binding agreement. In order for the to be considered legal in the court of law it must contain these elements; an offer, an acceptance, defined terms, capacity and legal consideration. A Contracts can largely be in written or verbal form, using either formal or informal terms, and conditions. However, verbal contract agreement are harder to prove in the court of law and the burden is usually solely on the injured party. In the legal system there are two types of contracts, a common law contract and a contract that is governed under the Uniform Commercial Code (UCC).

Capable of acceptance by the offeree, offeree is the person receiving the offer. A valid agreement must be constituted by Offer and Acceptance. For the responses to an offer, everyone can accept

In order for a contract to be formed, there are various requirements. These are offer, acceptance, consideration, and the intention to create legal relations. A contract may also be terminated.

As Guenter Heinz Treitel defines offer as ” an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed, the offeree”1. It is a statement of terms and conditions of that will be passed to the offeree. It might be passed through letters, newspaper and advertisement.

Agreement (contains the acceptance and offer): Offer and acceptance’s presence is a method of dissect procedural arrangement of choosing an agreement, whether it has been made

A contract is a legally enforceable agreement between two or more parties. To be valid, a contract must comprise of the following elements:

An offer on the other hand is a statement of terms where the party (at this stage would be referred to as the offeror) has the intention of being legally bound to the terms of whatever agreement they have going on.

A contract is a written or verbal agreement made between two or more parties in which the exchange of goods and/or services is agreed upon through unilateral or bilateral exchange. A successful contract contains at least six key elements, which detail how this exchange or exchanges will take place. A contract can also include details of how breach will be handled or details about how the contract can be legally terminated. Furthermore, a contract can have several defenses that will make it unenforceable by law.

In the other word, the definition of an offer is a statement made by an offeror that he or she is prepared to be bound to a contractual position-the first essential element to the meeting of the minds of the contracting parties.