1. Define the concepts of precedent and stare decisis.
Precedent- prior decisions of the same court or a higher court that 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 the common law?
The common law of contracts is, therefore, the law based upon English traditions and created by judges to settle disputes arising out of contractual relationships.
3. Who developed the Restatements of Contracts and why?
The Restatements where developed by the American Law Institute. When a court needs to set forth a generally accepted legal principle, the Restatements often are the chosen source of law.
4. What is the Uniform Commerical Code and what distinguishes it from the common law?
Statutory contract law that has been adopted in a whole or part by all the states. The U.C.C. creates an impediment to resolving contractual problems that arose between merchants, consumers, or both.
5. How many articles are presently included in the Uniform Commerical Code and which article is devoted to the law of sales?
9 articles are presently included, Article 2 of the U.C.C.
6. What is one of the federal consumer-based statues, and why are consumer protection statues important in to the law of contracts?
Magnuson-Moss Warranty Act: This act applies to warranties for transactions for products used by “households, families, or individuals.”
7. List the technology based laws that govern e-commerce and what types of changes these statues brought about that were significant to contracts?
Uniform Electronic Transactions Act (UETA), Electronic Signatures in Global and National Commerce Act (E-sign), Uniform Computer Information Transaction Act (UCITS)
Uniform Electronic Transactions Act (UETA)
This uniform law was designed to address two specific areas: (1) the retention of paper...