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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.
The Restatements of the Law is one of the most respected and well-used sources of secondary authority, covering nearly every area of common law. While considered secondary authority (compare to primary authority), the authoritativeness of the Restatements of the Law is evidenced by their acceptance by courts throughout the United States.
A leading scholar, Farnsworth invested ten years as reporter for the influential 1981 Restatement (Second) of Contracts stabilizing a fluid area of American law. His "Farnsworth on Contracts" is among the most heavily referenced texts on contract law. Farnsworth was elected to the American Philosophical Society in 1994. [1]
Restatement of Contracts, Second, completed by the American Law Institute in 1979; Restatement of Policy on Germany, a famous speech by James F. Byrnes, then United States Secretary of State, held in Stuttgart on September 6, 1946; Restatement (finance), the amendment and republication of a company's financial statement to correct an error, or ...
While teaching at Harvard Law School, Braucher served as the Reporter for the American Law Institute's Restatement (Second) of Contracts. When Braucher joined the Supreme Judicial Court in 1971, he was succeeded on the Contracts project by Professor E. Allan Farnsworth of Columbia Law School.
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It was influential in the development of contract theory and practice in the 50 American states, and throughout the common law world. Many of the views were cardinal to the development of the Uniform Commercial Code and the Restatement (Second) of Contracts.
An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract. Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87(1).