1. Which law applies?

Question 1

a. Sale of goods=

Answer 1

UCC

Question 2

b. Anything else=

Answer 2

common law (restatement)

Question 3

1. Benefit/Detriment test

Answer 3

did the parties incur a legal benefit/detriment in exchange of promises?

Question 4

2. Bargain theory (modern common law)

Answer 4

was there a bargained for exchange of promises?

Question 5

3. Law and Economics approach (modern):

Answer 5

would the parties have wanted and expected the promise to be enforced at the time they made it?–>intent!