A comparison the United States law of contracts with the law of contracts of the People's Republic of China.
District of Columbia Comparison of Contract Law of the People's Republic of China with The United States
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FAQ
There are six elements that make a contract legally binding or valid. Not all contracts need to be in writing....1 Offer and acceptance.2 Intention to create legal relations.3 Consideration.4 Legal capacity.5 Consent.6 Illegal and void contracts.
How Should you Choose a Governing Law?Transaction Type. When choosing a governing law, first consider the type of transaction involved.Party Location. Parties' familiarity with governing law is important.Location of Contract Claims.
Other factors to consider in choosing a suitable jurisdiction include:the identity and domicile of the parties to the agreement; and.the subject matter of the agreement.where the agreement is to be concluded and where the contractual obligations fall to be performed;More items...?
Uniform Commercial Code Article 2 governs the sale of goods. It was part of the original Uniform Commercial Code approved in 1951. Article 2 represented a revision and modernization of the Uniform Sales Act, which was originally approved by the National Conference of Commissioners on Uniform State Laws in 1906.
Jurisdiction is very similar to governing law, in that it indicates what state controls the contract. However, instead of addressing which state's laws apply, it indicates which courts apply. This is very important. Jurisdiction indicates where a lawsuit can be brought in regards to the contract.
The typical issue that comes up in this area is whether a contract really is one for "services" or one for the sale of goods. If it is for services, then UCC Article 2 does not apply; if it is for goods, then UCC Article 2 does apply.
Jurisdiction refers to where a dispute will be resolved; governing law indicates which state's law will be used to decide the dispute.
Article 2 of the U.C.C. deals with transactions involving the sale of goods. Article two only covers the sale of goods. This is important to keep in mind.
Generally, to be legally valid, most contracts must contain two elements:All parties must agree about an offer made by one party and accepted by the other.Something of value must be exchanged for something else of value. This can include goods, cash, services, or a pledge to exchange these items.
The choice of jurisdiction has to do with whether or not a certain court actually has the authority to hear your case. To find out if the court has jurisdiction over your case, the party has to be physically in the state. If the party is out of state, there have to be minimum contacts with that state.