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These remedies are basically compensation for, or fixes to, the breached part of the contract.
We'll get to the bottom of this contract stuff by looking at two areas: the sources of contract law and the requirements for a valid contract. We'll start with the sources of contract law.
The Sources of Contract Law
There are basically two sources of contract law: The Uniform Commercial Code (the UCC) and common law. Let's see how and when each apply to contract law.
In the chaotic days before the Uniform Commercial Code, each state in our fair union had its own commercial laws. It was anarchy! Well, it wasn't that bad, but things were inconsistent...
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