American Contract Law

American Contract Law governs agreements between parties, ensuring that promises are enforceable in a court of law. A valid contract typically requires an offer, acceptance, and consideration (something of value exchanged). Contracts can be written or verbal, though some must be in writing to be enforceable, like real estate agreements. If one party fails to fulfill their obligations, the other can seek legal remedies, such as damages or specific performance. Overall, it aims to protect each party’s rights and maintain fairness in business and personal transactions.