Learning Objectives

After studying this module, you should be able to:

Explain the importance of contracts to business
Explain the difference between
express and implied contracts
bilateral and unilateral contracts
executed and executory contracts
valid, void, voidable and unenforceable contracts
Identify which contracts are subject to the common law and which are governed by Article 2 of the Uniform Commercial Code
For common law contracts, explain
the elements required to form a valid contract
the assent defenses that negate the existence of a contract
the purpose of the Statute of Frauds
how performance discharges a contract, as well as the circumstances that excuse the performance of a contract
the types of damages or equitable remedies available for breach