Explain the Concept of Innovativeness

question 49

Essay

Explain the concept of innovativeness.

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Definitions:

Writing Requirement

A legal principle stating that certain kinds of contracts or agreements must be in writing to be enforceable.

Promissory Estoppel

A legal principle that prevents a party from retracting a promise which the other party has reasonably relied upon to their detriment.

Oral Contracts

Agreements between parties that are made verbally and not recorded in written form, yet are still legally binding under certain conditions.

UCC

The Uniform Commercial Code is an extensive collection of statutes that regulate every aspect of commercial dealings across the United States.