Contracts (Law)

Contracts in law are legally binding agreements between two or more parties. They outline specific obligations, rights, and expectations that all parties must follow. For a contract to be valid, it typically requires an offer, acceptance, consideration (something of value exchanged), and mutual consent. Contracts can be written or verbal, but written contracts are generally easier to enforce. If one party fails to meet their obligations, they may be held liable for breach of contract, which can lead to legal remedies, including damages or specific performance to fulfill the agreement. Understanding contracts is essential for fair dealings in business and personal relationships.