I. Preliminary Issues Flashcards
1
Q
What is the first rule to state for every essay - under the heading “Applicable Law”
A
Contracts for the sale of goods are governed by the Uniform Commercial Code (“UCC”) Article 2 and common law governs all other types of contracts.
2
Q
What is a unilateral contract?
A
Generally, contracts are construed as bilateral - being formed by an exchange of mutual promises to perform. However, a unilateral contract is one that can only be accepted by performance. Once performance is started, the initial offer is irrevocable.
