Law and its system Essay

This essay has a total of 350 words and 2 pages.

Law and its system



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
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