Chapter 7 was about crime. We only did a simple comparison of criminal cases v. civil cases. We skipped Chapter 8 and went onto Chapter 9, which introduced contracts. We discussed the definition of a contract and the sources of contract law. Article 2 of the Uniform Commercial Code for sales of goods, common law for other contracts, and the United Nations’ Convention on the International Sales of Goods are the sources of contract law. The elements of a contract were introduced. These elements were agreement, consideration, capacity, and legality. We classified contracts as bilateral v unilateral, valid, void, voidable, enforceable v. unenforceable, express v. implied, executed v executory, and formal v. informal. These topics were the basis …show more content…
These are minors, individuals who are considered insane, drunks, and drugged up individuals. Capacity is meaning that the parties must have the legal ability to bind themselves to an agreement. If one party lacks capacity, the contract can be voidable. Minor can rescind a contract at any time or within a reasonable time after he reaches the age of majority. Minor can ratify a contract explicitly or impliedly when he reaches the age of majority, which means the minor can no longer rescind after ratification of the contract. Statutes say that minors can be liable for student loans, medical expenses, and other expenses. Minors are still liable for torts and crimes they commit. We learned about genuine assent and if a party lacks it, the contract is voidable. Usually, excuses to genuine assent are fraud, mistake, duress, undue influence, and unconscionability. We learned the two types of mistakes, bilateral and unilateral mistake. Relief is usually not given to unilateral mistake unless the other party knows of the mistake and takes advantage. Relief is given through a bilateral mistake because both parties were wrong about a basic fact in the agreement. We learned about duress, economic duress, undue influence, and unconscionability. We learned about wholly illegal contracts and partially illegal contracts. This explained Chapter 11. Chapter 12 talks about certain oral contracts that need to have