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This lesson focuses on performance under both common law and Article 2 of the Uniform Commercial Code. It emphasizes identifying what is owed in terms of performance. The discussion is situated in the context of contract analysis, transitioning from formation to performance. Key questions include whether there is a valid and enforceable contract, considerations for mutual assent and consideration, potential defenses, and the statute of frauds. This marks a shift towards assessing the existence of a binding contract in contract law scenarios.