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In this lesson, the focus is on understanding performance in contract law, particularly under common law and Article 2 of the Uniform Commercial Code. The discussion centers on identifying whether a binding contract exists as the analysis moves beyond contract formation to performance. Key points include determining if a traditional enforceable contract is present, assessing mutual consent, ensuring consideration is valid, and checking for any defenses that could invalidate the contract, such as issues related to the statute of frauds. This sets the stage for further exploration of contract performance laws.
