1.You are Purchasing and Sales Vice President for a large Texas corporation. The CEO tells you he needs an outline of basic contract law to use for new employees in your division. He will take it to

1.You are Purchasing and Sales Vice President for a large Texas corporation.  The CEO tells you he needs an outline of basic contract law to use for new employees in your division.  He will take it to the company’s attorneys for final approval, but you know your job evaluation will depend on your thoroughness.  Outline Texas contract law.  Your answer should be based on the Texas cases and materials furnished you for common law contracts.

2.Explain in detail the difference between the legal principles applicable to a Texas contract which is governed by Article 2 of the Uniform Commercial Code and a Texas contract which is not subject to the UCC.