Sources of Contract Law

Question 1

What is the Constitution of the United States?

Answer 1

The Supreme law of the land where certain enumerated powers are delegate to the federal government and are solely within its governing province; the rest are reserved to the states

Question 2

What is the Uniform Commercial Code?

Answer 2

The purpose is to provide a uniform set of laws governing commercial transactions in all states

Question 3

What is case law?

Answer 3

1. Judicial rulings involve a question of whether a particular code or statute applies to the case before it which often requires judicial interpretation of the code or statute; and
2. judicial rulings come from common law or precedent, whereby courts use prior judicial rulings in order to resolve similar issues before it

Question 4

What is the Restatement of Contracts?

Answer 4

This is a collection of propositions drafted by experts in the field of contracts; it is not the law, but tracks the actual state law in the majority of jurisdictions