Question: This week we learned about Contract Formation. Contracts are vitally important to the world we live in. 1. Discuss the importance of contract law to

This week we learned about Contract Formation. Contracts are vitally important to the world we live in.

1. Discuss the importance of contract law to the private market system. How does contract law provide flexibility and precision in business dealings?

2. Explain the purpose of requiring certain types of contracts to be in writing.

3. Discuss the distinction between a bilateral and a unilateral contract. Which is more common in the business world?

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