xcept Louisiana have passed the Uniform Commercial Code’s (UCC) Article 2 which sets the rules and guidelines for contracts dealing with goods. Essentially, in order for a contract to be valid, there must be an offer and acceptance of the offer, all parties must be legally capable of entering into a contract, there must be evident consideration, and most states have a Statue of Frauds.
To expand on offer and acceptance: A proposed contract must be offered by one party, known as the “offeror,” and accepted by the other party, known as the “offeree.” Offers must be certain and even if an offer has been made, the contract has not been formed until the offeree accepts the offer. Terms of acceptance and rejection are different for every contract. In certain cases, as stipulated by the idea of common law exactness, such as in realty, services, or insurance, the acceptance must be the mirror image of the offer and if not, the offer is considered to be rejected and a counteroffer occurs. However, when goods not in those industries are not involved, the mirror image rule does not have to be followed. Both of these parties must be capable of making contracts in order for a contract to be considered valid and enforceable. There are groups of people that are exceptions and upon entering into a contract, may not be held liable. This includes minors as well as intoxicated or otherwise mentally-handicapped individuals.
Another aspect that must be part of a contract