Common Law Vs Uniform Commercial Code (UCC)

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When determining if the contracts with inquiries from several large businesses will be governed by common law or the Uniform Commercial Code (UCC) in this case we must understand some important aspects of these contracts. In the United States, there are two primary sources of law that govern our contracts: the common law and the Uniform Commercial Code (UCC). Common law governs contracts for real estate, services, insurance, intangible assets, and employment. The elements of common law contracts are the following: Offer: An invitation for another to enter into a contract, Acceptance: Acquiescence to enter into a contract under the terms of the offer and Consideration: Anything of legal value that is asked for and received as the price for entering …show more content…

For instance, a bilateral contract is formed when both parties exchange a mutual promise to perform some action in the future and a unilateral contract is one party makes a promise to the other’s party performance is soon completed. Lastly, in the common law contract requires a spoken or written representation of the quantity, price, performance time, nature of work and the identity of an offer between two parties or one party offer to be part of a valid contract. Uniform Commercial Code (UCC) was drafted in “an attempt to unify state laws affecting commerce into a single code that all states could adopt to make interstate commerce easier and more efficient (Roger, S. (2012)). Seeing that it governs contracts between merchants and tangible objects (i.e. the sales of goods). The elements of Uniform Commercial Code (UCC) contract are the following: Offer: An invitation for another to enter into a contract, Acceptance: Acquiescence to enter into a contract under the terms of the offer (Roger, S. (2012)). In case, firm offers are made by merchants to either “buy or sell goods” and that merchant can be either “an offeror or offeree” depending upon who initiates the

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