What Are the Three Major Sources of Contract Law and How

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The Answer is There are several sources of contract law in the United States,including common law,the Restatement (Second)of Contracts,and the Uniform Commercial Code.A major source of contract law is the common law of contracts,which developed from early court decisions that became precedent for later decisions.There is a limited federal common law of contracts that applies to contracts made by the federal government.The larger and more prevalent body of common law has been developed from state court decisions.Thus,although the general principles remain the same throughout the country,there is some variation from state to state.Another major source of contract law is the Uniform Commercial Code (UCC).The UCC,which was first drafted by the National Conference of Commissioners on Uniform State Laws in 1952,has been amended several times.Its goal is to create a uniform system of commercial law among the fifty states.The provisions of the UCC normally take precedence over the common law of contracts.In 1932,the American Law Institute,a group comprising law professors,judges,and lawyers,completed the Restatement of the Law of Contracts.The Restatement is a compilation of contract law principles,as agreed upon by the drafters.The Restatement is not law.However,lawyers and judges often refer to it for guidance in contract disputes because of its stature.

What Are the Three Major Sources of Contract Law and How

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What Are the Three Major Sources of Contract Law and How

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