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1. The importance of a contract law to the private market system is vital for our private enterprise economy. It helps make buyers and sellers willing to do business together. Contract laws allows private agreements to be legally enforceable. Contract laws provides enormous flexibility and precision in business dealings. It provides flexibility in that you can agree to literally anything that is not illegal or against public policy. It gives precision in that with careful thinking you can make another agree to exactly the requirements that accomplish even a very complex business purpose.
2.
a. Common law of contracts is understood to have many types of contracts. Another source is legislation. Various states have enacted the common law as a part of the state statues.
b. The UCC is the Uniform Commercial Code which is a state-based legislation. This covers the sale of goods.
3.
a. The following phrases are important to the understanding of contract law because a bilateral contract is an agreement containing mutual promises. A bilateral agreement is whenever there is doubt about the form. The party making the promise can control the application of many concepts of contract law by understanding the distinction between bilateral and unilateral contracts. Unilateral contract is an agreement with only one promise. The maker of such a promise seeks an action rather than a promise in return.
b. When many contracts arise from discussions in which parties actually discuss the promised terms of their agr ...