Contrac Essay Ucc

UCC: All things movable at the time of identification such as goods.

Statute of Fraud: The Statute of Frauds requires that certain types of contracts be evidenced by writing or by written memoranda of sufficient detail to describe the essential terms. If contracts do not comply with the statute they will be judicially unenforceable but not void. The purpose of the Statute of Frauds is to prevent fraud or perjury. Contracts for the sale of land, contracts for the sale of goods equal or greater than $500, marriage contracts, contracts not performed within one-year, and surety contracts all fall within the Statute of Frauds.

Parole evidence: The oral or verbal testimony of a witness. Evidence of matters not contained in the writing. Such evidence can be oral or from other writings.

Offer: An offer is a manifestation of contractual intent communicated to an identified offeree with definiteness and certainty of terms.

Acceptance: is the unequivocable assent to the terms and conditions of the offer communicated to the offeror by the identified offeree in an authorized manner.

Consideration: The bargained-for exchange that induces current performance, offers detriment, and is binding.

Third-party beneficiary intended: An intended beneficiary must be identified in the contract, whereby performance runs directly to the intended beneficiary. It must be shown that an intent to benefit exists at the time of contract formation. There are two types of intended beneficiaries: creditor and donee.

Performance: All conditions to a contract must be excused or satisfied, thus creating an absolute duty to perform.

Breach: If a duty is not performed or discharged, a breach occurs. A breach is an unjustified failure o perform a duty which goes to the essence of the bargain.

Remedies: The goal in contract law in determining the damages associated with a breach is to put the non-breaching party in as good a position as he would be in if the breached duty had been...