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In this lesson, the focus is on understanding performance under common law and Article 2 of the Uniform Commercial Code (UCC). The discussion shifts from contract formation to performance, emphasizing the importance of determining whether there is a binding contract. When analyzing a contract law fact pattern, the initial inquiry is to confirm if a traditional enforceable contract exists. This involves checking for mutual assent, consideration, and any potential defenses that could invalidate the contract, as well as considering whether the statute of frauds applies. This step-by-step approach helps clarify the components necessary for establishing the existence of a binding contract.
