Asked by Lindsay Drake on Jun 07, 2024
Verified
What bodies of law govern contracts in the United State?
A) Article 2 of the UCC
B) Common law related to contracts
C) The United Nations Declaration on Human Rights
D) Both A & B
Common Law
A legal system based on precedent and customs rather than written statutes.
UCC
A comprehensive set of laws governing commercial transactions in the United States, designed to harmonize the law of sales and other commercial dealings across the country.
United Nations Declaration
A formal statement or document adopted by the United Nations outlining principles, rights, or intentions in various global matters.
- Ascertain the applicability and limits of the Uniform Commercial Code (UCC) and Common Law in contract regulation.
Verified Answer
NC
Nicholas CrolweyJun 09, 2024
Final Answer :
D
Explanation :
Two bodies of law-Article 2 of the Uniform Commercial Code and the common law of contracts-govern contracts today in the United States.
Learning Objectives
- Ascertain the applicability and limits of the Uniform Commercial Code (UCC) and Common Law in contract regulation.