Different Types Of Contracts And Contracts

937 WordsOct 18, 20154 Pages
There are many different types of contracts and many different parts to a contract. Contracts are formal agreements between people or businesses. There are seven elements to a contract. The first is the offer which is the purposed deal. Next is the acceptance of the offer than consideration or bargaining of the offer. Legality is the next which means is the contract for a lawful purpose. Next is capacity are the parties adults of sound mind then consent of the 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 uses common law to govern these contracts. UCC was first published in 1952, the drafters of this code wanted to facilitate the easy information and enforcement of contracts in a fast- paced world. There are nine articles to the uniform commercial codes. Article one deals with the law of contracts and article nine deals with payment in security interest agreements. The most important article is article two which deals with the sale of goods. Goods are anything movable, except for money, securities and certain legal rights. Article two also states the rules for contract formation such as the firm offers, shipments of goods and modification of terms. Article two states the rule for contract repudiation and breach listing several
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