Under UCC § 2-204, a contract can be formed in any manner sufficient to show agreement, even if the parties leave open terms. This lesson will explore the effect of the difference in formation between common law and Article 2.
Under UCC § 2-204, a contract can be formed in any manner sufficient to show agreement, even if the parties leave open terms. This lesson will explore the effect of the difference in formation between common law and Article 2.
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.
2 In the case of UCC agreements (contracts for the sale of goods for $500 or more), writing all material terms is not required. However, even the UCC requires, at a minimum, an acknowledgment of agreement by the parties and a specification of the quantity of goods that are to be exchanged.
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