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Contracts by Mind Map: Contracts

1. Types of Contracts

2. Sources of Contract Law

2.1. Statutory Laws

2.1.1. Uniform Commercial Code (UCC) Applies to all (not just merchants) Used in the sales of all goods Goods are all things that are move-able or tangible at the time of identification of the contract for sale Supplements Common Law in mixed transactions, but can be independent.

2.2. Judicial Decision

2.2.1. Case Law

2.2.2. Legal Precedent

2.2.3. Stare Decisis- to stand by decision

2.3. Treatsies/Hornbooks

2.3.1. Common Resources about the law, typically explain statutes.

2.4. Restatement of Contracts

2.4.1. Common Law Not universal. Must be adopted by the various jurisdictions

2.4.2. Formed by the American Law Institute Recognized representatives for the field come together to define what the law should be. Not binding unless adopted by the jurisdiction.

3. Contract Formation

4. Damages/Remedies

5. Issues of the Writing

6. Why/What is a Contract

6.1. What

6.1.1. A contract is a promise or set of promises the law will enforce A promise is a manifestation of intention to act or refrain from acting in a specific way so made as to justify the promisee an understanding that a commitment has been made Promisor- person manifesting intent (Offeror) Promisee- Person to who the manifestation is adressed (Offeree) Beneficiary- The third party that benefits from the contract (other than the promisee)

6.2. Why?

6.2.1. To help with promises and set them as enforceable

7. Enforce-ability of Contracts

7.1. Legally Enforcable

7.1.1. Ads, under certain conditions

7.1.2. Offers by professionals Opinions unless it meets offer Criteria

7.2. Unenforceable Contracts

7.2.1. Contracts to carry out illegal acts

7.2.2. Social Contracts

8. Defined: A contract is a promise or set of promises , for the breach of which the law gives a remedy or the performance of which the law in some way recognizes as a duty

9. Common Law V. UCC

9.1. Generally common Law governs contracts. However, special rules under the Uniform Commercial Code (UCC) were developed for contracts involving the sale of goods. Article 2 of the UCC is the governing body in contracts for the sale of goods where both common law and UCC will apply

9.1.1. Sale: A contract in which a good passes from the seller to the buyer for a price

9.1.2. Good: Article Two (2-105) Defines a good as all things that are tangible and movable at the time they are identified as goods to be sold under the contract. Includes the sale of Unborn animals, growing crops IS NOT: Money, Real estate, Services or securities.

9.1.3. Both apply in mixed contracts, but each applies to their respective areas

9.1.4. Merchants: Those who regularly deal in goods of the kind sold or who otherwise by their occupation, hold themselves to special skills or knowledge peculiar to the goods/services involved

10. Performance of the Contract

11. Termination of the Contract

12. Excuse/ Defenses to nonperformance/ Avoidance Doctrines.

13. Rights and Duties of the 3rd parties to the contract

13.1. Third Party Beneficiaries

13.2. Assignment of the Rights

13.3. Delegation of the Duties

13.4. Mixed Assignment and Delegation

13.4.1. Results form the contract being assigned, rather than the right. This causes the assignment of the rights and the delegations.