 Every first-year law student in the United States is exposed to it, and it is a frequently cited non-binding authority in all of U.S. common law in the areas of contracts and commercial transactions.It is a work without peer in terms of overall influence and recognition among the bar and bench, with the possible exception of the Restatement of Torts.The American Law Institute began work on the second edition in 1962 and completed it in 1979; the version in use at present has a copyright year of 1981.