Ch. 8 - Chapter 08 - Introduction to Contract...

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Chapter 08 - Introduction to Contract – Classifications, Terminology, and Formation ANSWERS TO REVIEW QUESTIONS AND PROBLEMS - CHAPTER 8 BASIC CONCEPTS 1. Contract Law and Private Enterprise The impersonal business dealings necessary to a complex private market economy are difficult to imagine without the assurance that mutual promises will be carried out. Contract law provides that assurance. It also allows the parties to precisely define their performances, thus providing flexibility and precision in business dealings. 2. Sources of Contract Law (a) The common law of contracts is that body of principles that have developed from court decisions. (b) The UCC is the Uniform Commercial Code, adopted by states as the law governing commercial transactions. Since the UCC is adopted in while or in part in all states, the law of commercial transactions is fairly uniform throughout the United States. 3. Breach of Contract Specific performance is appropriate since control of the corporation, a unique quality, is being purchased. CONTRACTUAL CLASSIFICATIONS AND TERMINOLOGY
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Ch. 8 - Chapter 08 - Introduction to Contract...

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