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1、ContractLawWhatIsaContract?Acontractisapromisebetweentwoormorepersonsinvolvingtheexchangeofsomegoodorservice.Someofthebasicelementsofacontractinclude:anofferandanacceptance;"capacity,"orbeingoflegalageandsoundcompetence;"mutualassent,"oragreementonthetermsofacontract;and"
2、consideration,"orcompensationforgoodsorservicesrendered.Theelementthatdistinguishesacontractfromaninformalagreementsisthatitislegallybinding:thelawprovidesaremedyintheeventthatthepromiseisnotfulfilled.Bylaw,certaintypesofcontractsmustbeinwriting,butoralcontractsarevalidin
3、manysituations.Anoralcontractmaybeheldtoexistevenintheabsenceofagreementastoallitsterms.SourcesofContractLaw:TheStatuteofFraudsTheStatuteofFraudswasenactedinEnglandin1677,andithasbeenadoptedinoneformoranotherbyall50states.Inordertopreventfraudonthepartofeitherpartyintheex
4、changeofgoods,thestatuterequiresawrittencontractfor:one,thesaleofland;two,theassumptionoftheobligationsofanotherparty,suchastheco-signingofaloan;three,transactionsthattakemorethanoneyeartocomplete;andfour,saleofpersonalpropertyformorethan$5,000(undertheUniformCommercialCo
5、de,discussedbelow,thethresholdis$500).TheUniformCommercialCodeTheUniformCommercialCode(UCC)isthemainbodyoflawthatgovernstransactionsinvolvinggoods.ItwasdevelopedbytheNationalConferenceofCommissionersonUniformStateLawsandtheAmericanLawInstitute,anonprofitlegalresearchorgan
6、ization.Sinceitscompletionin1952ithasbeenadoptedbyall50states(Louisiana,however,didnotadoptallofthecode).Thepurposeofthecodeistofacilitatecommercebysimplifyingandclarifyingthelawregardingcommercialtransactionsandtocreateauniformsetofrulesnationwide.TheUCCislargelybasedonc
7、ommonlaw,whichmeansthatitusuallyadherestolegalguidelinesestablishedincourtcases.However,inmanycasestheUCCisforcedtoestablishcodesoutsideoftraditionallegalprecedentinordertoconformtotherapidpaceofmodernbusinesspractices.IntheUnitedStates,theUCCgovernsthesaleoftangible,mova
8、blegoods,propertyleasessuchasbusinessequipment,andfinancialtransactionssuchasbankdepositsandlett
