英美法入门放合同法.docVIP

PAGE PAGE 62 HYPERLINK /terms/copyright.shtml Copyright?? 2004 LexisNexis, a division of Reed Elsevier Inc. All rights reserved. LexisNexis Capsule Summary Contracts Chapter 1 SOURCES AND DEFINITIONS OF CONTRACT LAW § 1.01 What is a Contract? A contract is formed in any transaction in which one or both parties make a legally enforceable promise. A promise is a commitment or undertaking that a given event will or will not occur in the future and may be express or implied from conduct or language and conduct. A promise is legally enforceable where it: was made as part of a bargain for valid consideration; reasonably induced the promisee to rely on the promise to his detriment; or is deemed enforceable by a statute despite the lack of consideration. § 1.02 Types of Contracts Contract may be of the following types: Express – an agreement manifested by words Implied-in-fact – an agreement manifested by conduct Implied-in-law (quasi-contract) – not a true contract but an obligation imposed by a court despite the absence of a promise in order to avoid an injustice § 1.03 Sources of Contract Law Common Law – in most jurisdictions, contract law is not codified, and thus the primary source of general contract law is caselaw. Restatement – written by the American Law Institute to provide guidance to the bench and bar, the Restatement of Contracts (currently in the second edition) has no legal force but nevertheless provides highly persuasive authority. Uniform Commercial Code (UCC) – created under the auspices of the American Law Institute and the National Conference of Commissioners on Uniform State Laws, has been adopted by every state except Louisiana. Proposed revisions to Article 2, governing contracts for the sale of goods, have been finalized and presented to the states for enactment. United Nations Convention on Contracts for the International Sale of Goods (CISG) – ratified by many of the leading trading nations including the United States and China (but not t