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Contract Law - What Is A Contract?, Sources Of Contract Law: The Statute Of Frauds, The Uniform Commercial Code

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Classification of Contracts

For purposes of analysis, legal scholars have classified contracts in many different ways. The most common classifications of contracts include: "express" and "implied" contracts; "void" and "voidable" contracts; and "enforceable" and "unenforceable" contracts.

Validity of Contracts

Several requirements must be met for a contract to be valid and legally binding. The agreement must specifically define the terms under which the promise can be considered fulfilled by both parties. In addition, the agreement must prescribe remedies for conditions unfulfilled by one of the parties involved. The essential feature defining these requirements are: "capacity," "mutual assent," and "consideration."

Further Readings

  • Burnham, William. Introduction to the Law and Legal System of the United States. St. Paul, MN: West, 1995.
  • Calamari, John D. and Joseph M. Perillo. The Law of Contracts. 3rd ed. St. Paul, MN: West, 1987.
  • Murray, John Edward. Murray on Contracts. 3rd ed. Charlottesville, VA: Michie Co., 1990.

Additional Topics

Contract Law - What Is A Contract?

Contract Law - Sources Of Contract Law: The Statute Of Frauds

Contract Law - The Uniform Commercial Code

The Uniform Commercial Code (UCC) is the main body of law that governs transactions involving goods. It was developed by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, a nonprofit legal research organization. Since its completion in 1952 it has been adopted by all 50 states (Louisiana, however, did not adopt all of the code). The purpose of the code …

Contract Law - Express And Implied Contracts

Contract Law - Void And Voidable Contracts

Contract Law - Enforceable And Unenforceable Contracts

Contract Law - Capacity

Contract Law - Mutual Assent

Contract Law - Consideration

Contract Law - Interpretation Of Contracts

When interpreting contracts courts tend to avoid questions regarding the intent of the parties involved in the contract and rely on the contract itself, particularly when the contract is in written form. Under the "plain meaning" rule, the words of a contract are to be read according to their plain, everyday meanings, with the exception of terms that have been specifically defined in the contract.…

Contract Law - Enforcement Of Contracts

When a party does not fulfill the promise made in a valid, enforceable contract at the time such fulfillment, or "performance," is due, the contract has been "breached." At this point legal remedy may be sought. (Legal remedy may be sought even before this time, if a party has indicated it will not honor its previously agreed upon promise.) Most commonly, some form of monetary compensation is soug…

Criminal Law - Categories Of Criminal Conduct, Elements Of A Crime: Mens Rea And Actus Reus, Defenses [next] [back] Consumer Protection - History, The Uniform Commercial Code, Product Safety, Truthful Advertising

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