Contract law is at the heart of almost every business transaction. Laws regarding contracts, or agreements between parties, originated and developed through English common law and are among the earliest laws created. Many present-day rules are the same as they were years ago, although these laws have been incorporated in both state and federal codes. In addition to these well-established contract principles, modern business practices are governed by laws that were designed to meet today's needs. In particular, contracts for the sale of goods are governed by the Uniform Commercial Code and many consumer contracts are governed by various consumer protection statutes.
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