BY PETER A. ALCES AND CHRIS BYRNE
With the failure of the Uniform Commercial Code (U.C.C.) Article 2 Revision project, it is time to consider whether it is time for the Restatement of Contracts, Fourth. The First Restatement of Contracts, largely the work of Samuel Williston, endeavored to formulate the contract law as it had evolved through the time of its promulgation. The second restatement of contracts was really Article 2 of the U.C.C., promulgated first in 1951 and then finally enacted in the states by 1967. The Restatement of Contracts, Second (which really was the third restatement of contracts), began in 1964, was completed in 1979 and imported many of the U.C.C. Article 2 principles to the contract law generally.
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