Things I Did Not Know About Contracts (Until Now)

After two days of doing literally nothing productive other than grocery shopping and going to the gym, I am making myself study for contracts. It turns out (not exactly unpredictably) that I didn't learn all that much in contracts class. Here are some interesting things I have learned about contracts so far in my exam preparation:

Louisiana is the only state that has not signed onto the Uniform Commercial Code.

Generally, courts hold that in telephonic or face-to-face communications in which an offer is made, the offer lapses when the conversation terminates in the absence of a clear indication that the offer remains open beyond the conversation.

A party that was intoxicated when the contract was made may avoid the contract only if the other party had reason to know that, by reason of intoxication, the party was unable to understand the nature and consequences of the transaction or was unable to act in a reasonable manner in relation to the transaction.

Where a party's duty is conditioned on his own approval of the other party's performance, courts generally enforce such condition – even if the other party will suffer forfeiture – where approval concerns a matter of aesthetics or taste, and the disapproval is based on honest dissatisfaction.

Cool, eh?

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p.s. It turns out, I didn't need to know any of those things for my contracts exam. Oh well.