ASSIGNMENT FOR THE CLASS OF NOV. 15
All of the material listed below is also: MATERIAL FOR FINAL EVALUATION ON DEC. 6
CONTRACTS - CHAPTER 8
PART ONE of the Assignment:
1. Read pages 368-388.
2. Look for definitions and explanations of the following material:
Restatement's definition of Contracts
Promisor, Promisee, the UCC & what are "goods" & which UCC article is most important?
Classification of Contracts: offeror, offeree; Quasi-contract, formal, simple.
Expression - express, implied in fact
Parties bound - bilateral, unilateral
Legal effect - valid, void, voidable, unenforceable
Performance - executed, executory
Five Requirements of a Valid Contract:
Explain each: 1) Contracting Parties 2) Mutual Agreement [offer & acceptance]
3) Consideration 4) Assent [Negated by 4 elements] 5) Legality
PART TWO of the Assignment:
Pages 411-414. Read the Case, Lucy v Zehmer, 84 S.E.2d 516 (Virginia, 1954).
Prepare to ORALLY discuss the following about the case:
FACTS ISSUE COURT HOLDING, RULE STATED DISPOSITION [reverse, affirm, etc.]