Question

Which of the following are the two most important sources of contract law?

A. Case law and the Restatement of Law.
B.Case law and the Uniform Commercial Code.
C. The Uniform Commercial Code and the Convention on Contracts for International Sales of Goods.
D. Case law and the Convention on Contracts for International Sales of Goods.
E. The Convention on Contracts for International Sales of Goods and the Restatement of the Law, Contracts.

Answer 1

Answer:

The correct answer is B

Explanation:

Contract Law is the law or an agreement among the private parties establishing the mutual obligations which is enforceable by law. The basic or primary elements are required for the agreement or contract to be legally enforceable agreement are expressed by a acceptance and valid offer, legality, mutual assent and adequate consideration.

The two most vital sources of the contact law are Statutory Law (The Uniform Commercial Code) and the Case law.