Contracts In Brief

Abstract

The contract is the very foundation of business law. Contracts define our everyday lives, whether we rent a car, buy or sell a home, hire someone to paint our house, or enter into an employment relationship. What situations are governed by application of the relevant state’s version of the Uniform Commercial Code (UCC)? And, what contracts are governed by common law? In the most basic of terms, the necessary requirements for a valid, enforceable contract under common law are: agreement, consideration, capacity and legality. Our purpose in writing this brief article is to acquaint students with a twenty minute or less read about basic concepts in contract law. First, we discuss governing law considerations; when the Uniform Commercial Code (UCC) applies and when to employ common law. Second, is a description of consideration and related issues. Third, we talk about capacity. Fourth, is the requirement for a legal purpose. Fifth, we provide samples of some common contracts. Sixth, we focus on developing contemporary issues in contract law. And last, we conclude. We believe this summary is helpful to contract pedagogy and offers students a useful overview.