Introduction
The law of contracts is largely based on three set areas of law. The most ancient of these, and arguably the founding principles are based on common law. The second and the more specific governing laws are found on statutory provisions which may be different from one jurisdiction to another. The third area of law that offers substantial amount of fairness in the United States is the Uniform Commercial Code. Finally, with global commercial transactions becoming a key determinant on the general global economy, there are the more general laws of contact put forward by the United Nations called the ...