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A contract is an agreement enforceable by law and there are two sources of contract law: common law of contracts and state statutory law governing
A contract is an agreement enforceable by law and there are two sources of contract
law: common law of contracts and state statutory law governing sales and lease
transactions pursuant to the Uniform Commercial Code UCC The goal of the UCC was
to simplify and streamline commercial business transactions. Businesses look to the UCC
when contract law conflicts arise instead of having to "run to the courthouse" to resolve
disputes.
Distinguish between Article of the UCC, Article A and common law when it
comes to the essential elements of a contract, that is offer, acceptance and
consideration. Be sure to define and explain these terms.
In what way is the UCC Statute of Frauds provision relevant when deciding
whether parol evidence is admissible? Explain your answer.
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