The Uniform Commercial Code ( Ucc )

1696 Words Sep 8th, 2015 7 Pages
Writing Assignment
MD Fantasir Rahman

A contract is a legally enforceable agreement between two or more parties that creates an obligation to do or not do particular things.
The sources of contract law are usually governed and enforced by the state laws where the agreement was made. Depending upon the subject matter of the agreement (i.e. sale of goods, property lease), one of two types of state law may govern a contract:
The Common Law: The majority of contracts (i.e. employment agreements, leases, general business agreements) are controlled by the state 's common law a tradition-based but constantly evolving set of laws that are mostly judge-made, from court decisions over the years.
The Uniform Commercial Code (UCC): The common law
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Any contract not enforceable by law is said to be void. A void contract has no legal fact. It confers no right on any person and created no obligation.
Voidable contract: A contract that gives one of the parties the option of withdrawing, A void able contract is one which can be avoided and satisfied by some of the parties to it. Valid Contract: An agreement that satisfied all the essential of a contract and which is enforceable through the court is called valid contract.
Executed contract: A contract of which all the terms have been performed.
Quasi contract: There are certain dealings, which are not contracts strictly, though the parties act as if there is a contract. The contract Act specifies the various situations that come within what is called Quasi contract.
Elements of legal contract: The requisites for formation of a legal contract are an offer, an acceptance, competent parties who have the legal capacity to contract, lawful subject matter, mutuality of agreement, consideration, mutuality of obligation, and, if required under the Statute of Frauds, a writing.
A valid contract has six elements:
1. Legal Offer
2. Legal Acceptance
3. Consideration
4. Genuine Assent
5. Competent Parties
6. Legal Object
Legal offer: One of the parties made a promise to do or cease from doing some specified action in the future.
Legal Acceptance: The offer was accepted unambiguously. Acceptance may be
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