The Basics Of Commercial Contracting Course Curriculum

1) Introduction – The Commercial Setting

2) Essential Elements Of Contract Formation
a) Mutuality of Agreement
i) Offer
ii) Acceptance
iii) The Statute of Frauds
b) Lawful Purpose
c) Valuable Consideration
i) Types of Consideration
ii) Inadequate and Illusory Consideration
d) Capacity To Contract
i) Agency and Authority
ii) Types of Authority – Express, Implied and Apparent
iii) Alternatives to Authority – Estoppel and Ratification

3) Frequently Used Commercial Contract Types
a) Fixed Price
b) Cost-Reimbursement
c) Time & Material Or Labor Hour
d) Indefinite Quantity Variations, including output and requirements contracts
e) “Privity of Contract” – its Important and Effect on the Parties’ Rights and Obligations

4) Introduction to the Uniform Commercial Code
a) Origin, Purpose and Applicability of the UCC
b) Basic UCC Concepts and Definitions
i) “Merchants”
ii)  “Good Faith” Requirement
iii) “Reasonable” and “Seasonable” Time
iv) “Goods”
v) UCC Flexibility and the “Freedom to Contract”
c) Contract Formation Rules under the UCC Article 2 – Similarities and Differences with Common Law contract formation principles
i) The “Battle of the Forms” Rule
ii) The “Firm Offer” Rule

5) Technological Complexities In Contract Formation
a) The Uniform Electronic Transactions Act  (“UETA”) and the Electronic Signatures In Global And National Commerce Act  (“E-Sign”)
b) Introduction to the Uniform Computer Information Transactions Act  (“UCITA”)

6) Contract Performance Issues
a) Bar to Unconscionability – Procedural and Substantive
b) The Buyer’s and Seller’s Obligations
i) The Concept of “Tender” under different types of contracts (shipment v. delivery)
ii) Introduction to Incoterms® -- an Alternative to UCC Shipment/Delivery Provisions
c) Risk Of Loss, Acceptance, and the Passage Of Title
d) Seller’s and Buyers’ Excuse for Nonperformance
e) Contract Interpretation Issues
i) Common rules of interpretation
ii) UCC Rules of Interpretation
iii) Use Of Parol Evidence

7) Remedies for Breach Of Contract
a) Types and Availability of Remedies to Parties
i) Events Triggering the Parties’ Right to Seek Legal and Equitable Remedies
b) Buyer’s Legal and Equitable Remedies
i) Purpose
ii) What Constitutes the Seller’s “Breach”
iii) Anticipatory Repudiation
iv) Rejection vs. Revocation of Acceptance
v) Buyer’s Right to “Cover”
vi) Monetary Damages – Direct, Consequential and Incidental
vii) Specific Performance and Replevin
c) Warranties
i) Express Warranties – Scope and Coverage
ii) Implied Warranties under the UCC – Interpretation and Effective Disclaimers
iii) Introduction to the Magnuson-Moss Warranty-Federal Trade Commission Improvement Act
d) Seller’s Legal and Equitable Remedies
i) Resale of Goods
ii) Specific Performance
iii) Remedies For Goods Not Yet Produced/Manufactured
e) Remedies Available To Both Parties
i) Adequate Assurances
ii) Liquidated Damages
iii) Recession and Reformation
f) Statute of Limitations Considerations
i) Options and Remedies
ii) Retracting Repudiation
iii) Effect of Retraction

8) Introduction to the UN Convention On The International Sale Of Goods (“CISG”)
a) Purposes and Applicability
b) Substantive Similarities and Differences between the CISG And the UCC
c) Choice of Law Issues under the CISG