Contracts under Common Law and UCC Article 2
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What are the similarities between common law contracts and contracts under the UCC Article 2?
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Solution Summary
This solution discusses the similarities between common law contracts and contracts under the Uniform Commercial Code (UCC) Article 2.
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Hi,
Good question!
Let's take a closer look at the two types of contracts.
RESPONSE:
1. What are the similarities between common law contracts and contracts under the UCC Article 2?
A contract is a legally enforceable agreement between two or more parties that creates an obligation to do or not do particular things. The term "party" can mean an individual person, company, or corporation. This applies to both contracts (http://smallbusiness.findlaw.com/business-forms-contracts/business-forms-contracts-overview-law.html). For example, the sales contract is an agreement that delineates the rights and obligations of both the seller and buyer (UCC Article 2) (http://www.allbusiness.com/legal/contracts-agreements-sales/495-1.html).
The creation of both ...
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