Chapter 1 - Contracts
- Article 1 General Provisions.
- Section 8-1-1 Contracts restraining business void; exceptions
(a) Every contract by which anyone is restrained from exercising a lawful profession, trade, or business of any kind otherwise than is provided by ...
- Section 8-1-2 Written contract not expressing parties' intent may be revised
When, through fraud, a mutual mistake of the parties or a mistake of one party which the other at the time knew or suspected, ...
- Section 8-1-3 Receipt or acknowledgment for collateral required
(a) All banking, insurance and other corporations, private bankers, brokers and other persons engaged in the business of making discounts or lending money, or ...
- Section 8-1-4 Reimbursement for certain federal manufacturer's excise taxes; option to tender payment one business day before remittance due to Internal Revenue Service; notification and security; applicability
(a) A party to a contract required to reimburse another party to the contract for the federal manufacturer's excise tax levied pursuant to Sections ...
- Article 2 Accord and Satisfaction.
- Section 8-1-20 "Accord" defined
An "accord" is an agreement to accept in extinction of an obligation something different from or less than that to which the person agreeing ...
- Section 8-1-21 Obligation not extinguished by accord until executed
Though the parties to an accord are bound to execute it, it does not extinguish the obligation until it is fully executed. ...
- Section 8-1-22 Accepting accord consideration deemed satisfaction
Acceptance of the consideration of an accord extinguishes the obligation and is called satisfaction. ...
- Section 8-1-23 Obligation extinguished by new consideration or writing
An obligation is extinguished by a release therefrom given to the debtor by the creditor upon a new consideration or in writing with or ...
- Article 3 Specific Performance.
- Section 8-1-40 Specific performance not enforced in certain cases
Specific performance cannot be enforced against a party to a contract in any of the following cases: (1) If he has not received an ...
- Section 8-1-41 Obligations which cannot be specifically enforced
The following obligations cannot be specifically enforced: (1) An obligation to render personal service; (2) An obligation to employ another in personal service; (3) ...
- Section 8-1-42 Specific performance not enforced for party not fully performing conditions precedent
Specific performance cannot be enforced in favor of a party who has not fully and fairly performed all the conditions precedent on his part ...
- Section 8-1-43 Neither party to obligation compelled specifically to perform unless other party performs
Neither party to an obligation can be compelled specifically to perform it unless the other party thereto has performed or is compelled specifically to ...
- Section 8-1-44 Contract signed by one party only may be enforced by other
A party who has signed a written contract may be compelled specifically to perform it, though the other party has not signed it, if ...
- Section 8-1-45 Imposition of penalty or liquidation of damages not bar to specific performance
A contract otherwise proper to be specifically enforced may be thus enforced, though a penalty is imposed or the damages are liquidated for its ...
- Section 8-1-46 Obligation on real estate specifically enforced against person subsequently claiming title
Whenever an obligation in respect to real property would be specifically enforced against a particular person, it may be in like manner enforced against ...
- Section 8-1-47 Presumptions as to availability of specific performance as remedy
It is to be presumed that the breach of an agreement to transfer real property cannot be adequately relieved by pecuniary compensation and that ...
- Article 4 Hirings.
- Section 8-1-60 Thing let for particular purpose to be so used
When a thing is let for a particular purpose, the lessee must not use it for any other purpose; and if he does, he ...
- Section 8-1-61 Lessee to use ordinary care
The lessee of a thing must use ordinary care for its preservation in safety and good condition. ...
- Section 8-1-62 Lessee to repair injuries
The lessee of a thing must repair all deteriorations or injuries thereto occasioned by the want of ordinary care. ...
- Section 8-1-63 When lessor may reclaim before end of term
The lessor of a thing may terminate the hiring and reclaim the thing before the end of the term agreed upon: (1) When the ...
- Article 5 Pawnbrokers.
- Article 6 Bidding at Public Sales.
- Section 8-1-100 Consideration for bidding or not bidding at public sale prohibited
No person shall receive, directly or indirectly, any money or thing of value in consideration of bidding or not bidding at any public sale ...
- Section 8-1-101 Bids on public lands under agreement to transfer same prohibited
No person shall bid off any of the public lands within this state under an agreement, previously made, to transfer the same, or any ...
- Section 8-1-102 Contracts violating Sections 8-1-100 and 8-1-101 void
(a) All contracts in violation of the provisions of Sections 8-1-100 and 8-1-101 are void. (b) Any person violating such provisions forfeits double the ...
- Section 8-1-103 Selling improvements on public lands by person making same
Nothing in Sections 8-1-100 and 8-1-101 must be so construed as to prevent any person who has made improvements on public lands from selling ...
- Article 7 Future Delivery.
- Section 8-1-120 Definitions
For the purposes of this article, the following terms shall have the meanings respectively ascribed to them by this section: (1) CONTRACT OF SALE. ...
- Section 8-1-121 Certain contracts for future delivery void; exceptions
(a) All contracts of sale for the future delivery of any commodity, article, personal property, stock or bond, wherein the parties thereto do not ...
- Section 8-1-122 Failure to furnish statement on future delivery prima facie evidence of illegal contract
Every person shall furnish, upon demand, to any principal for whom such person has executed any order for the actual purchase or sale of ...
- Section 8-1-123 Failure to deliver after deposit of margins prima facie evidence of void contract
Proof that anything of value agreed to be sold and delivered was not actually delivered at the time of making the agreement to sell ...
- Section 8-1-124 Contracts for future delivery of cotton not made subject to federal statutes prima facie evidence of void contract
Proof of the fact that any contract for the future delivery of cotton was not made subject to the provisions of any federal statute ...
- Section 8-1-125 Making or assisting in making contract for future delivery when actual delivery not intended — Profit intended to be paid in money on day of delivery
If any person shall become a party to any contract for the sale and future delivery of any article or personal property in which ...
- Section 8-1-126 Making or assisting in making contract for future delivery when actual delivery not intended — Price based on bona fide sales on exchange or board of trade without making execution on exchange or board of trade
(a) Any person, either as agent or principal, who enters into or assists in making any contract of sale for the future delivery of ...
- Section 8-1-127 Futures contracts made in another state
If any person shall consent while in this state to become a party to any futures contract contrary to Section 8-1-126, made in another ...
- Section 8-1-128 Establishing office to engage in business of "futures"
If any person, corporation or other association of persons, either as principals or agents, shall establish or open an office or other place of ...
- Section 8-1-129 Proof of establishment of place to publish commodities information prima facie evidence of guilt
Proof that any person, corporation, or other association of persons, either as principals or agents, has established an office or place where are posted ...
- Section 8-1-130 Persons involved in futures contracts not excused from testifying; participation prima facie evidence of guilt
(a) No person shall be excused on any prosecution under this article from testifying touching anything done by himself or others contrary to the ...
- Section 8-1-131 Money paid on illegal contract may be recovered
Any money or thing paid or delivered to any person whether as principal, agent, or broker in furtherance or settlement of any contract made ...
- Article 8 Gaming and Wagering.
- Section 8-1-150 Contracts founded upon gambling consideration void; recovery of money paid or things of value delivered
(a) All contracts founded in whole or in part on a gambling consideration are void. Any person who has paid any money or delivered ...
- Section 8-1-151 Creditor of losing party under gambling contract may garnish winner
(a) Any creditor of a losing party under a gambling contract may garnish the winner as other debtors are garnished at any time within ...
- Section 8-1-152 Answers in actions under article not to be used in criminal prosecutions
In any action brought under the provisions of this article either party may be examined on interrogatories as in other cases, but the answer ...
- Article 9 Insane Persons.
- Section 8-1-170 Contracts of insane person void; exceptions; liability for necessaries furnished
Except as provided in Sections 8-1-171 and 8-1-172, and contracts of fire and tornado insurance wherein the insane person is the beneficiary, all contracts ...
- Section 8-1-171 Conveyance of real estate by insane person not void if made in good faith
(a) Whenever any person shall purchase in good faith and for a valuable consideration real estate from an insane person without notice of such ...
- Section 8-1-172 Mortgage taken in good faith on real estate of insane person not void
(a) When any person shall in good faith take a mortgage on real estate from an insane person without notice of such insanity, such ...
