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In this lesson, the focus is on identifying the performance requirements under both common law and Article 2 of the Uniform Commercial Code. The discussion is set within the context of contract analysis, moving from contract formation to performance. The key question addresses whether a binding contract exists. To determine this, the instructor outlines steps including verifying if a traditional enforceable contract is present by evaluating mutual assent, consideration, potential defenses that might invalidate the contract, and whether the statute of frauds is applicable. This foundational understanding is essential for analyzing contract law scenarios.