The common law is living and constantly evolving, as modern courts continue to analyze, revise and even disagree on its application. The American Law Institute, a collection of legal scholars and practitioners, attempted to catalogue the common law of contracts in its Restatements of the Law of Contracts in 1932. The Restatement, Second, of the Law of Contracts was published in 1979. The Restatement, although it does not have the force of law itself, is generally regarded as an excellent source. The law of contracts is also significantly influenced by the Uniform Commercial Code (UCC), which has been adopted in forty-nine states. The UCC is an attempt to standardize laws dealing with contracts and commerce. The UCC is beyond the scope of this article.
Formation of a Contract
A contract consists of one individual making an offer, another accepting the offer, and the existence of consideration between the contracting parties.
Offer
An offer is the expression of a willingness to enter into a bargain. An offer must be directed to a particular offeree and be sufficiently clear so as to justify another individual in the belief that acceptance of the offer would constitute an agreement.
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