Which of the following was propounded by prominent legal scholars, recruited by the American Law Institute?

The law of contracts is primarily _______________ law. 
A. Comprehensive
B. Statutory
C. Common
D. Restated
E. Modified

The law of contracts is primarily common law.

Which of the following was propounded by prominent legal scholars, recruited by the American Law Institute? 
A. The Restatement of the Law Second, Contracts.
B. The Convention on Contracts for the National Sales of Goods.
C. Common law.
D. Common law and the Convention on Contracts for International Sales of Goods.
E. The Convention on Contracts for the National Sales of Goods and the Restatement of the Law Second, Contracts.

Prominent legal scholars, recruited by the American Law Institute, organized the principles of the common law of contracts into the original Restatement of the Law, Contracts. The compilation has been revised and published as Restatement of the Law Second, Contracts.

Which of the following is the reason the Uniform Commercial Code was drafted? 
A. Different states had different laws governing contracts which did not result in a smooth flow of interstate commerce.
B. Some states had no law governing contracts.
C. Federal law governing contracts was difficult to apply.
D. The Uniform State Act on laws was not working.
E. The Restatement of the Law Second, Contracts was not being evenly and fairly applied.

To remedy some of the difficulties created by a patchwork of different laws governing commercial transactions, the National Conference of Commissioners on Uniform State Laws and the American Law Institute drafted a set of commercial laws that could be applicable to all states. This effort was called the Uniform Commercial Code (UCC).

Which of the following articles are parts of the Uniform Commercial Code relevant to contracts? 
A. 2 and 2A
B. 3 and 4
C. 4 and 1B
D. 5 and 8
E. 6 and 10

A part of the Uniform Commercial Code relevant to contracts is Article 2, which governs contracts for the sale (exchange for a price) of goods (tangible, movable objects). Also relevant to contract law is UCC Article 2A, which governs contracts for the lease of goods.

All contracts can be categorized as either ___________ or __________. 
A. Unilateral, complete
B. Unilateral, trilateral
C. Bilateral, trilateral
D. Unilateral, bilateral
E. Bilateral, complete

All contracts are either unilateral or bilateral.