Into the Unknown
Contracts & Employment LawUniversity of Illinois at Urbana-Champaign This is a very useful course for non-experts, because we all do business every day. The course firstly introduced all elements of a valid contract, a little theoretical, but instructive to help identify the reasons why an agreement is not enforceable. Besides rules from common law, the…
Agency Agency is nothing more than the idea that you give somebody else authority to act on your behave. There is a principal (the person in charge) and an agent (who takes on some responsibility from the principal). There are 4 types of common agency relationship: Agent’s Duties Agent’s Rights Principal’s Duties Principle’s Rights Tort…
Third party beneficiaries Third party beneficiaries are people who benefit under a contract, but are not part to the contract. What rights do third party beneficiaries have? The answer depends on what type of beneficiary each of these parties is: ONLY intended beneficiaries can enforce agreements as a third party, who must have been vested….
UCC stands for Uniform Commercial Code, UCC Article 2 pertains sales of goods, which provides additional rules when it comes to contracts for the sales of tangible, movable goods. Sometimes a contract calls for both goods and services, in which case use “Predominant factor test’ to distinguish between them. The question is “What is the…
A contract is nothing more than an enforceable agreement. The person who makes an offer is offeror, whose counter-party is offeree, who has the power to form a contract. ‘Valid contract’ mean either party can enforce it, in contrast ‘Void contract’ is unenforceable by either party. Some where in the middle between valid and void…