What is a Contract?

Contract

Article 1 of the Uniform Commercial Code copyrighted by the American Law Institute is considered the primary source for the definition of a contract.  All of the 50 states have incorporated all or most of the definition of this code as statue.  A contract is defined as a legal obligation between two or more parties.  A contract has to have four elements for it to be binding on the parties. 

This content is for Bronze, Silver, One-Time and Contractor’s Diagnostic members only.
Log In Register
Please follow and like us: