A contract is an agreement enforceable by law and there are two sources of contract law: common law of contracts and state statutory law governing sales and lease transactions pursuant to the Uniform Commercial Code (UCC). The goal of the UCC was to simplify and streamline commercial business transactions. Businesses look to the UCC when contract law conflicts arise instead of having to "run to the courthouse" to resolve disputes. Distinguish between Article 2 of the UCC, Article 2A and common law when it comes to the essential elements of a contract, that is, offer, acceptance and consideration.

A contract is an agreement enforceable by law and there are two sources of contract law: common law of contracts and state statutory law governing sales and lease transactions pursuant to the Uniform Commercial Code (UCC). The goal of the UCC was to simplify and streamline commercial business transactions. Businesses look to the UCC when contract law conflicts arise instead of having to "run to the courthouse" to resolve disputes. Distinguish between Article 2 of the UCC, Article 2A and common law when it comes to the essential elements of a contract, that is, offer, acceptance and consideration.