Use Quimbee’s Contracts Outline and Quickline to ace your law school exam in contracts or supplement your preparation for the Multistate Bar Examination (MBE). Professionally written and fully accessible 24/7 on desktop, tablet, and mobile devices, Quimbee’s Contracts Outline covers contract formation, enforceability, and interpretation; the rights and duties of the parties; the sale of goods; breaches and defenses; and remedies.
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A contract is a legally enforceable exchange of promises between two or more parties. In other words, a contract is an agreement for which the law will provide a remedy when breached by either party.
Sources of Contract Law
The general principles of contract law are embodied in the common law, though states may make statutory modifications from time to time. That said, contracts involving the sale of goods are governed by a specialized body of law contained in Article 2 of the Uniform Commercial Code (UCC), which has been adopted in every state except Louisiana. Article 2 incorporates many common law principles, but the key differences will be discussed in further detail throughout the outline.
Formation of Contracts
A contract generally forms when one party makes an offer and receives an acceptance from another party in a manifestation of mutual assent, provided that each party has the requisite intent and there is adequate consideration. This is a classic...