To further develop your skill in identifying and defining the characteristics of offer and acceptance, complete the assignment below.
Write out the answers to Review Questions 1 through 10 on page 24 of your textbook
1. Define the concepts of precedent and stare decisis.
Precedent is prior decisions of the same court or a higher court that a judge must follow. Stare decisis “ Stand by the thing decided” Related to the concept of precedent; Rule that a court should apply the same legal principle to the same set of facts and apply it to later cases that are similar
2. What is common law?
Common law is found in the decisions of the courts rather than statutes; judge- made law
3. Who developed the Restatements of contracts and why?
As a response to the volume of case law being decided in this country, a group of lawyers, judges, and law professors formed the American Law Institute ( ALI) in 1923. The purpose of the ALI was to gather the law to create a guide for legal professionals. One of their publications is called the Restatements.
4. What is the Uniform Commercial Code and what distinguishes it from common law?
The Uniform Commercial Code is statutory contract law that has been adopted in a whole or part by all the states. The Uniform Commercial Code modifies the common law to suit the needs of modern business.
5. How many articles are presently included in the Uniform Commercial code and which article s devoted to the law of sales?
There are about 9 articles in the Uniform Commercial code. The law of domestic sales in the United States is usually governed by Article 2 of the U. C. C. When a seller sells goods to a buyer, normally some form of the U. C. C will apply to the transaction. Article 2 is divided into seven parts, consisting of sections usually followed by a commentary about the section. If your jurisdiction has adopted Article 2, the section is generally followed by the respective case law in