Which authorities govern US contract law?

The correct answer highlights the primary legal frameworks that govern contracts in the United States. The Restatement of Contracts serves as a significant summary of common law contract principles and is designed to clarify and unify American contract law. It is not legally binding but provides valuable guidance and authoritative reference for judges and lawyers engaged in contract disputes.

The Uniform Commercial Code (UCC) is another critical component, specifically governing commercial transactions involving the sale of goods. It standardizes contract law across states, facilitating interstate commerce by providing uniform rules.

Finally, common law represents the traditional law founded on judicial precedents that apply to contracts not covered by the UCC. Together, these elements reflect a comprehensive framework that governs how contracts are formed, interpreted, and enforced in the U.S., making this choice the most accurate representation of the authorities that guide contract law.

The other choices, while mentioning relevant aspects of contract law, do not cohesively represent the governing authorities as effectively as this answer. For instance, merely listing federal laws or local laws alongside the UCC and administrative regulations lacks the specificity and completeness addressed in the correct answer, which focuses directly on established legal frameworks in contract law.