Identify the correct statement about common-law contracts.
A)All common-law contracts are bilateral.
B)Common-law contracts govern the sale of goods.
C)Contracts between merchants are governed by common-law contracts.
D)Common-law contracts provide more flexibility in contract formation than exists in the UCC.
E)All common-law contracts must contain valid consideration.

Question

Quizplus · Accepted Answer

Common-law contracts require valid consideration to be enforceable, meaning there must be a bargained-for exchange between the parties.

Identify the Correct Statement About Common-Law Contracts