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The Restatement (Second) of the Law of Contracts is a legal treatise from the second series of the Restatements of the Law, and seeks to inform judges and lawyers about general principles of contract common law. It is one of the best-recognized and frequently cited legal treatises [1] in all of American jurisprudence.
Similarly, the Restatement (Second) of Contracts states in section 205 that "every contract imposes upon each party a duty of good faith and fair dealing in its performance and enforcement." 126. In recent years the concept has been gaining ground in other common law jurisdictions.
The implied covenant of good faith and fair dealing is especially important in U.S. law. It was incorporated into the Uniform Commercial Code (as part of Section 1–304), and was codified by the American Law Institute as Section 205 of the Restatement (Second) of Contracts. [1]
Restatement of Conflict of Laws, Second (1971; revised 1986 and 1988) Restatement of Contracts, Second (1981) Restatement of Employment Law (2015) Restatement of Foreign Relations Law of the United States, Third (1987; some topics superseded by Restatement of Torts, Foreign Relations Law of the United States, Fourth)
The Restatement (Second) of Contracts states that the elements of consideration are as follows: 1. A performance or a return promise must be bargained for. 2. A performance or return promise is bargained for if it is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise. 3.
When there is a material mistake about a material aspect of the contract, the essential purpose of the contract, there is the question of the assumption of the risk. This risk may be determined contractually or according to custom. In American law, the Restatement (Second) of Contracts Sec. 154 deals with this scenario.
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Most states have adopted the UCC, which governs transactions in goods. Contracts for services or land, for example, would not be governed by the UCC. The second Restatement of Contracts also provides that when parties have not agreed to an essential term, "a term which is reasonable in the circumstances is supplied by the court." However, it ...