The given statement “Common law do governs all contracts except being modification or replacement from the statutory law or administrative agency regulations” is true.
Answer: Option A
<u>Explanation:
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The clauses and exception to the laws of contracts under the governance of contracts comes under the Contract’s privity. The privity is said to be the doctrine for the creation of the common law.
These doctrine defines the exception of common law applicable to all type of contracts with the exception of the order being implied by statutory laws by either modification or replacement. Similar for the modification or replacement done through regulations of administrative agencies.
Specific performance is a type of equitable remedy available in a breach of contract action. It is a remedy based on the concept of fairness. Specific performance recognizes that money may not adequately compensate the non-breaching party in certain situations.
