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Codified Laws
53 CONTRACTS
TITLE 53

CONTRACTS

Chapter

01.     Definitions And General Provisions
02.     Parties To Contracts
03.     Consent To Contracts
04.     Duress, Fraud, Undue Influence And Mistake
05.     Objects Of Contracts
06.     Consideration For Contracts
07.     Communication Of Proposal And Acceptance
08.     Oral And Written Contracts
09.     Unlawful Contracts
10.     Performance Of Contracts
11.     Extinction And Alteration Of Contracts
12.     Electronic Transactions



53-1 DEFINITIONS AND GENERAL PROVISIONS
CHAPTER 53-1

DEFINITIONS AND GENERAL PROVISIONS

53-1-1      Contract defined.
53-1-2      Essential elements of contract.
53-1-3      Contracts, express or implied--Express contract defined--Implied contract defined.
53-1-4      Law and usage of place of performance, application to contracts.



53-2 PARTIES TO CONTRACTS
CHAPTER 53-2

PARTIES TO CONTRACTS

53-2-1      Persons capable of contracting.
53-2-2      Minors and persons of unsound mind--Capacity to contract.
53-2-3      Identification of parties necessary to validity.
53-2-4      Joint and several contracts.
53-2-5      Promise in singular number--Execution by several persons.
53-2-6      Contract for benefit of third person--Enforcement by beneficiary, limitation of time.



53-3 CONSENT TO CONTRACTS
CHAPTER 53-3

CONSENT TO CONTRACTS

53-3-1      Essentials of consent.
53-3-2      Absence of free consent--Contract voidable--Rescission.
53-3-3      Mutuality of consent.
53-3-4      Ratification of voidable contract for want of consent.
53-3-5      Assumption of obligation by acceptance of benefits.



53-4 DURESS, FRAUD, UNDUE INFLUENCE AND MISTAKE
CHAPTER 53-4

DURESS, FRAUD, UNDUE INFLUENCE AND MISTAKE

53-4-1      Apparent consent voidable--Grounds.
53-4-2      Consent deemed voidable--Grounds.
53-4-3      Duress defined.
53-4-4      Fraud, actual or constructive.
53-4-5      Actual fraud, acts constituting, question of fact.
53-4-6      Constructive fraud, acts constituting.
53-4-7      Undue influence, acts constituting.
53-4-8      Mistake, classification.
53-4-9      Mistake of fact defined.
53-4-10      Mistake of law defined.
53-4-11      Mistake of foreign law--Mistake of fact.
53-4-12      Provision that contract not avoided by errors in description--Right to rescind for fraud or mistake.



53-5 OBJECTS OF CONTRACTS
CHAPTER 53-5

OBJECTS OF CONTRACTS

53-5-1      Object of contract defined.
53-5-2      Requisites of object.
53-5-3      Unlawfulness of object and impossibility of performance renders contract void.
53-5-4      Several distinct objects--Some lawful and some unlawful--Validity of lawful parts.



53-6 CONSIDERATION FOR CONTRACTS
CHAPTER 53-6

CONSIDERATION FOR CONTRACTS

53-6-1      Good consideration, acts constituting.
53-6-2      Legal or moral obligation as good consideration.
53-6-3      Instrument as evidence of consideration.
53-6-4      Burden of proof to invalidate sufficient consideration.
53-6-5      Lawful consideration required.
53-6-6      Illegality of consideration, effect.
53-6-7      Executed or executory consideration, effect.
53-6-8      Executory consideration--Determination of amount.
53-6-9      Impossibility of ascertaining consideration, effect.
53-6-10      Effect of impossibility of ascertaining consideration--Possible of execution on face.
53-6-11      Measure of consideration, ascertainment.



53-7 COMMUNICATION OF PROPOSAL AND ACCEPTANCE
CHAPTER 53-7

COMMUNICATION OF PROPOSAL AND ACCEPTANCE

53-7-1      Revocation of proposal, limitation as to time.
53-7-2      Revocation of proposal, acts constituting.
53-7-3      Absolute and unqualified acceptance required--Qualified acceptance, new proposal.
53-7-4      Communication of consent.
53-7-5      Acceptance of proposal, communication.
53-7-6      Acceptance of proposal--Consent fully communicated.
53-7-7      Acceptance of proposal--Acts constituting.
53-7-8      Contract in writing--Effective date.
53-7-9      Written contracts--Application of law of transfer of property.



53-8 ORAL AND WRITTEN CONTRACTS
CHAPTER 53-8

ORAL AND WRITTEN CONTRACTS

53-8-1      Contracts which may be oral.
53-8-2      Contracts required to be in writing--Statute of frauds.
53-8-3      Contract not in writing through fraud--Enforcement against fraudulent party.
53-8-4      Sales at public auction, memorandum of auctioneer, compliance with statute of frauds.
53-8-5      Execution of contract in writing supersedes oral negotiations or stipulations.
53-8-6      Oral contract--Alteration in writing by consent of parties.
53-8-7      Alteration of written contract without new consideration.



CHAPTER 53-9

UNLAWFUL CONTRACTS

53-9-1    Contract provisions contrary to law, unlawful.

53-9-2    Gambling contracts void.

53-9-3    Contracts against public policy.

53-9-4    Penalties for nonperformance of contract void, exceptions.

53-9-5    Contracts fixing damages void, exception.

53-9-6    Restraints on legal proceedings void--Arbitration agreements and certain surety contract limitations enforceable.

53-9-6.1    Validation of contract limiting time for enforcement of rights under surety contracts.

53-9-7    Contract in restraint of marriage void.

53-9-8    Contracts in restraint of trade void--Exceptions.

53-9-9    Sale of good will--Seller's agreement with buyer to refrain from carrying on similar business, validity.

53-9-10    Dissolution of partnership--Agreement of partners to refrain from carrying on similar business, validity.

53-9-11    Employment contract--Competition limitation upon termination.

53-9-11.1    Employment contract--Competition limitation upon termination--Practitioner defined.

53-9-11.2    Employment contract--Practitioner competition limitation upon termination--Voidability--Applicability.

53-9-12    Contracts of independent contractor who is captive insurance agent--Covenants not to compete.

53-9-13    Coerce or compel an abortion--Contract void.



53-10 PERFORMANCE OF CONTRACTS
CHAPTER 53-10

PERFORMANCE OF CONTRACTS

53-10-1      Executed contract distinguished from executory contract.
53-10-2      Time of performance of contract not specified--Allowance of reasonable time--Instant action.
53-10-3      Time as essence of the contract.



53-11 EXTINCTION AND ALTERATION OF CONTRACTS
CHAPTER 53-11

EXTINCTION AND ALTERATION OF CONTRACTS

53-11-1      Extinguishment of contracts--Methods.
53-11-2      Rescission by party to contract--Grounds.
53-11-3      Rescission not effected by consent--Accomplishment by use of diligence to comply with rules governing rescission.
53-11-4      Prompt action by party rescinding on discovery of duress, undue influence, or disability.
53-11-5      Restoration of everything of value by party rescinding.
53-11-6      Extinction by destruction or cancellation of contract or signatures by consent.
53-11-7      Extinction by intentional destruction, cancellation or alteration of contract--Alteration or destruction of duplicate, not to prejudice.



53-12 ELECTRONIC TRANSACTIONS
CHAPTER 53-12

ELECTRONIC TRANSACTIONS

53-12-1      Definition of terms.
53-12-2      Transactions governed by chapter.
53-12-3      Transactions not governed by chapter.
53-12-4      Transactions excluded under § 53-12-3 that may be governed by chapter.
53-12-5      Transactions subject to chapter also subject to other applicable law.
53-12-6      Application of chapter.
53-12-7      Electronic record or signature not mandated.
53-12-8      Application solely to transactions between parties agreeing to electronic transaction.
53-12-9      Party agreeing to one electronic transaction may refuse others--Right not waivable.
53-12-10      Provisions of chapter may be varied by agreement except as otherwise provided.
53-12-11      Determination of legal consequences of electronic records or signatures.
53-12-12      Construction of chapter.
53-12-13      Electronic form of record or signature not grounds for denying its legal effect.
53-12-14      Electronic record used in contract formation not grounds for denying contract.
53-12-15      Electronic record satisfies requirement of a writing.
53-12-16      Electronic signature satisfies requirement of a signature.
53-12-17      Requirement of writing satisfied by sending of electronic record.
53-12-18      Requirement that record be posted, transmitted or formatted in certain manner.
53-12-19      Electronic record not enforceable against recipient in certain situations.
53-12-20      Requirements of §§ 53-12-17 to 53-12-19, inclusive, not to be varied by agreement--Exceptions.
53-12-21      Attributing electronic signature or record to person.
53-12-22      Effect of electronic record or signature to be determined from context.
53-12-23      Effect of change or error in electronic record.
53-12-24      Notarization of electronic signature.
53-12-25      Satisfying requirement that record be retained.
53-12-26      Requirement that record be retained does not apply to certain information.
53-12-27      Services of another person for retention of records authorized.
53-12-28      Retention of record in its original form.
53-12-29      Retention of check.
53-12-30      Retention of record for evidentiary, audit, or like purposes.
53-12-31      Electronic form of record or signature not grounds for exclusion.
53-12-32      Formation and terms of contract in automated transaction.
53-12-33      Time that electronic record is sent.
53-12-34      Time that electronic record is received.
53-12-35      Location of information processing system irrelevant.
53-12-36      Place that electronic record is sent from and received.
53-12-37      Individual need not be aware of receipt.
53-12-38      Effect of electronic acknowledgment.
53-12-39      Effect of actual knowledge that electronic record purportedly sent or received was not sent or received.
53-12-40      "Transferable record" defined.
53-12-41      Person having control of transferable record.
53-12-42      Requirements for creation, storage, and assignment of transferable record--Authoritative copy.
53-12-43      Person having control of transferable record is holder with same rights and defenses as holder of equivalent record.


53-12-44      Obligor under transferable record has same rights and defenses as obligor under equivalent records.
53-12-45      Proof of control of transferable record.
53-12-46      Government agencies to determine extent to which electronic records will be created and retained.
53-12-47      Commissioner to promulgate rules for state agencies using electronic records and signatures.
53-12-48      Board of Regents to determine extent to which electronic records and signatures will be used.
53-12-49      Use of electronic records or signatures by government agencies not mandated.
53-12-50      Commissioner authorized to promote consistency and interoperability.