Contract Law Intro

The video tutorial provides a comprehensive overview of contract law, covering the definition and elements of contracts, sources of contract law, and different types of contracts such as unilateral, bilateral, express, and implied. It delves into the key elements of a contract, including offer, acceptance, and consideration, and discusses the duties of parties involved. The tutorial also explores the repercussions of nonperformance, including breach and remedies, and explains how courts interpret contract terms using rules like integration and the parole evidence rule.

What are the three essential elements of a contract?

• Consideration, Promise, and Agreement

• Offer, Promise, and Agreement

• Offer, Acceptance, and Consideration

• Acceptance, Promise, and Agreement

Which model law heavily influences the sale of goods?

• Federal Contract Law

• Uniform Commercial Code

• Restatement of Contracts

• State Contract Law

How does a unilateral contract differ from a bilateral contract?

• A unilateral contract requires a promise in return for a promise.

• A unilateral contract requires performance in return for a promise.

• A bilateral contract requires performance in return for performance.

• A bilateral contract requires a promise in return for performance.

What is the difference between express and implied contracts?

• Implied contracts are stated clearly, while express contracts are inferred from actions.

• Implied contracts are written, while express contracts are verbal.

• Express contracts are stated clearly, while implied contracts are inferred from actions.

• Express contracts are written, while implied contracts are verbal.

What is one way a contract can be voided?

• By partial performance

• By impossibility of performance

• By unilateral decision

• By mutual agreement

What does the parole evidence rule exclude?

• Written agreements

• Prior or contemporaneous communications

• Future communications

• Verbal agreements

What is the concept of integration in contract law?

• Combining multiple contracts into one

• Limiting terms to those specifically stated in the agreement

• Including all verbal agreements in the contract

• Allowing external evidence to modify the contract