Contracts In Brief

48 Pages Posted: 7 May 2020 Last revised: 23 May 2022

See all articles by Lawrence J. Trautman

Lawrence J. Trautman

Prairie View A&M University - College of Business; Texas A&M University School of Law (By Courtesy)

Larry D. Foster, II

Prairie View A&M University - College of Business

Lora Koretz

W. P. Carey School of Business at Arizona State

Anthony McMullen

University of Central Arkansas

H. Justin Pace

Northwestern University - Pritzker School of Law; Western Carolina University - College of Business

Michelle A. Romero

Florida International University (FIU)

Date Written: April 9, 2020

Abstract

The contract is the very foundation of business law. Contracts define our everyday lives, whether we rent a car, buy or sell a home, hire someone to paint our house, or enter into an employment relationship. What situations are governed by application of the relevant state’s version of the Uniform Commercial Code (UCC)? And, what contracts are governed by common law? In the most basic of terms, the necessary requirements for a valid, enforceable contract under common law are: agreement, consideration, capacity and legality.

Our purpose in writing this brief article is to acquaint students with a twenty minute or less read about basic concepts in contract law. First, we discuss governing law considerations; when the Uniform Commercial Code (UCC) applies and when to employ common law. Second, is a description of consideration and related issues. Third, we talk about capacity. Fourth, is the requirement for a legal purpose. Fifth, we provide samples of some common contracts. Sixth, we focus on developing contemporary issues in contract law. And last, we conclude. We believe this summary is helpful to contract pedagogy and offers students a useful overview.

Keywords: acceptance, agreement, capacity, consideration, contract, offer, legality, promise, UCC

Suggested Citation

Trautman, Lawrence J. and Foster, II, Larry D. and Koretz, Lora and McMullen, Anthony and Pace, H. Justin and Pace, H. Justin and Romero, Michelle A., Contracts In Brief (April 9, 2020). Available at SSRN: https://ssrn.com/abstract=3571997 or http://dx.doi.org/10.2139/ssrn.3571997

Lawrence J. Trautman (Contact Author)

Prairie View A&M University - College of Business ( email )

Prairie View, TX
United States

Texas A&M University School of Law (By Courtesy) ( email )

1515 Commerce St.
Fort Worth, TX 76102
United States

Larry D. Foster, II

Prairie View A&M University - College of Business ( email )

Prairie View, TX
United States

Lora Koretz

W. P. Carey School of Business at Arizona State ( email )

Tempe, AZ 85287-4006
United States

Anthony McMullen

University of Central Arkansas ( email )

(501) 852-0695 (Phone)

H. Justin Pace

Northwestern University - Pritzker School of Law ( email )

375 E. Chicago Ave
Chicago, IL 60611
United States

Western Carolina University - College of Business ( email )

United States

Michelle A. Romero

Florida International University (FIU) ( email )

University Park
11200 SW 8th Street
Miami, FL 33199
United States

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