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DSST Business Law II Exam Prep

Category - DSST Business Law II

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As it applies to contracts, what is "private law?"
  1. The provisions of the Uniform Commercial Code.
  2. The provisions of the Uniform Commercial Code as adopted by individual states.
  3. The provisions of the Uniform Sales Act.
  4. A set of rules to which parties to a contract agree that may not otherwise apply to the contract.
  5. Common law.
Explanation
Answer: D. As it applies to contracts, "private law" is a set of rules to which parties to a contract agree, that may not otherwise apply to the contract. Short of illegality, individuals can negotiate the terms of a contract. Common law or statutory rules that would not ordinarily apply to a particular type of contract may be agreed upon by the parties and upheld by a court.
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