Chapter 7 - The essentials of contract law. After completing this chapter, students will be able to: Define contract, explain the origin of the law merchant, discuss the relationship between common law and the law merchant, identify the four elements of a contract, explain the objectives of contract law.
Trang 1Business Law with UCC
Applications,13e
The Essentials of Contract Law
Chapter 7
Trang 2Learning Objectives
1 Define contract.
2 Explain the origin of the law merchant.
3 Discuss the relationship between
common law and the law merchant.
4 Identify the four elements of a contract.
5 Explain the objectives of contract law.
Trang 3Learning Objectives
6 Explain the place of the UCC in contract
law.
7 Distinguish contracts from other
agreements.
8 Explain the role of privity and agency on
contract law.
9 List the contracts that must be in writing
to be enforceable.
10.List the characteristics of a contract.
Trang 4The Essentials of Contract Law
• The History of Contract Law
– Mercantile Law, Ancient Rome,
– Capitalism, and the Church
– The Characteristics of the Law Merchant
– The Law Merchant and Common Law
Trang 5The Essentials of Contract Law
• Mercantile Law, Ancient Rome,
Capitalism, and the Church
– Agriculture, Technology, and Population
– The Development of the Law Merchant
Trang 6The Essentials of Contract Law
• The Characteristics of the Law Merchant
– Neutrality of the Law Merchant
– Universality and the Law Merchant
– Mutuality and the Law Merchant
– Involvement and the Law Merchant
Trang 7The Essentials of Contract Law
• The Law Merchant and the Common Law
– Fair Courts and Staples Courts
– Admiralty Courts, Arbitration, and Statutory
Law
Trang 8The Essentials of Contract Law
• The Multidimensional Nature of
Contract Law
– The Elements of a Contract
– The Objectives of Contract Law
– Multidimensional Principles of Contract Law
Trang 9The Essentials of Contract Law
• The Elements of a Contract
– Mutual Assent
– Consideration
– Capacity
– Legality
Trang 10The Essentials of Contract Law
• The Objectives of Contract Law
– Rehabilitation in Contract Law
– The Payment Damages
– Recovery Limits and Equitable Relief
Trang 11The Essentials of Contract Law
• Multidimensional Principles of Contract
Law
– Contracts and the Uniform Commercial Code
– Contracts and Other Agreements
– Contracts and Privity
– Contracts and Agency Law
– Contracts and the Statute of Frauds
– Exceptions to the Statutory Rule
Trang 12The Essentials of Contract Law
• Contractual Characteristics in Contract
Law
– Valid, Void, Voidable, and Unenforceable
Contracts
– Unilateral and Bilateral Contracts
– Express and Implied Contracts
– Informal and Formal Contracts
– Executory and Executed Contracts
Trang 13The Essentials of Contract Law
• Express and Implied Contracts
– Express Contracts
– Implied Contracts
Trang 14The Essentials of Contract Law
• Informal and Formal Contracts
– Informal Contracts
– Formal Contracts
– Contracts of Record