ECO-110
If tort law is significant because it governs rules of conduct, the way people interact with each other, then contract law is significant because it governs the commitments we make to one another. This course will provide students with a comprehensive understanding of the common law of contracts, from the formation of a contract through its termination, including the several ways in which a contract can be entered, consideration, offer and acceptance, illusory contracts, oral contracts, the statute of frauds, accord and satisfaction, enforcement, damages for breach of contract, and the several defenses available to a party who rescinds on a contract. Additionally, this course will familiarize our students with the Uniform Commercial Code and the laws governing the sale of goods.

At the completion of this course, the student will understand:

• common law, case law, general obligations statutes and the Uniform Commercial Code.
• contract by “mutual assent” .
• the difference between an offer and a mere expression of interest
• an invitation to negotiate.
• when an offer has been revoked, by actions or expressions.
• what actions generally constitute acceptance.
• the rule of consideration.
• the concept of legal detriment.
• the rule of consideration, such as partial payments and promises to pay rewards.
• defenses against the enforcement of a contract.
• cases in which a contract can be avoided, i.e. mistake, duress, unconscionability, statute of frauds, etc.
• when a contract has been performed or breached.
• the “substantial performance” rule.
• the “perfect tender” rule of the U.C.C. in the sales of goods.
• contract remedies, i.e., expectation, reliance and restitution.
• equitable remedies, such as specific performance.