Contract Law
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Description
In the United States, contract law is the term generally used to describe the body of rules applying to the formation, performance, and termination of private consensual agreements. In the Anglo-American system, contract law has traditionally been a common law area, with judicial decisions in individual contract disputes serving as precedents for the decision of later similar cases. Statutes of various kinds (federal, state or local) are apt to be important in defining the rights and duties of parties to particular types of private agreements, but with the exception of the Uniform Commercial Code, there is no statute with implications for contract law in general. In the American federal system, contract law is an area generally governed by state rather than federal law. Although it has been traditional to teach and write about contract law as though it were a single body of rules applicable uniformly throughout the nation, in fact any dispute involving contract enforcement will be resolved in accordance with the contract law of the particular state whose law governs the transaction.
Source Publication
Fundamentals of American Law
Source Editors/Authors
Alan B. Morrison
Publication Date
1996
Recommended Citation
Knapp, Charles L., "Contract Law" (1996). Faculty Chapters. 1261.
https://gretchen.law.nyu.edu/fac-chapt/1261
