Sources of Law for Contracts

Question 1

UCC 2-106

Answer 1

Article 2 of the UCC governs all cases involving the sale of goods. (UCC 2-106)

(1) This rule applies regardless of whether either party is a merchant.
(2) However, some UCC rules require one or both parties to be a merchant.

Question 2

UCC 2-105 (Definition of “goods”)

Answer 2

a) All things which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid.

Question 3

UCC 2-104 (Definition of “merchant”)

Answer 3

a) A person who (1) deals in goods of the kind or (2) otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or (3) to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill.

Question 4

Common Law/Restatement

Answer 4

Governs all other contracts

Question 5

Contract - Defintion

Answer 5

1. A contract is a promise or set of promises for breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.
2. It requires an offer, acceptance, and consideration.