Contract Law Theory

Contract law theory centers on the principles that underpin agreements between parties. It ensures that if people or entities make a promise to do something, the law can enforce that promise, provided certain conditions are met—like mutual consent, a clear offer and acceptance, and a lawful purpose. The theory also considers fairness, intention, and notice, aiming to balance individual freedom with societal order. Essentially, contract law creates a predictable framework so parties can confidently enter into agreements, knowing their rights and obligations will be protected and enforceable by law.