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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.

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