A contract “K” is essentially an agreement/promise to perform by two parties. When the contract is negotiated by two parties, it is called a bilateral contract. However, when one party either must sign or not sign a deal, that is called a unilateral contract because there is no bargaining power. In law, when one party does not perform their duties, they have breached the K. In order for their to be a contract, there must be a meeting of the minds on the terms in the agreement and there must be consideration given in exchange for a service, good, etc. If there is no consideration, there can not be a contract. To help bring more uniformity to court decisions involving contracts, the UCC or Uniform Commercial Code was created and is followed in many states. The UCC is for contracts only involving goods.