Contracts Act (UK)

The Contracts Act in the UK governs the formation and enforcement of contracts—agreements between parties that create legal obligations. It outlines essential elements for a valid contract, including an offer, acceptance, consideration (something of value exchanged), and the intention to create legal relations. The Act also sets out terms regarding capacity to contract and the impact of certain factors like misrepresentation or undue influence. Essentially, it provides a framework ensuring that agreements are fair and enforceable, helping individuals and businesses understand their rights and responsibilities in their dealings with one another.