This lesson provides an overview of Contract Law, including the sources of Contract Law. The lesson can be run either as an introduction to Contract Law or as a review any time during or after your study of Contract Law.
On completion of the lesson, the student will be able to:
1. Name the elements of a claim for breach of contract.
2. Explain the source of the Uniform Commercial Code (UCC) and why it is not uniform.
3. Distinguish transactions to which the UCC applies from transactions to which the common law applies.
4. Explain the source of the Restatement (Second) of Contracts.
5. Apply the concepts of "default rules" and "freedom of contract."