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In this lesson, we continue discussing performance in contract law, with a focus on identifying performance under common law and Article 2 of the Uniform Commercial Code (UCC). The lesson emphasizes the transition from contract formation to performance, addressing whether there is a binding contract. When analyzing a contract law fact pattern, the initial question is if a traditional enforceable contract exists. The discussion includes evaluating mutual assent, consideration, potential defenses that might invalidate the contract, and whether the statute of frauds is applicable. Understanding these components is crucial for determining the existence of a binding contract.
