Law of Contracts

The Law of Contracts refers to the legal rules that govern agreements between parties. A contract is an agreement where one party promises something in exchange for something from another party. To be valid, a contract usually requires an offer, acceptance, consideration (something of value), and mutual intent to create a legal obligation. If one party fails to fulfill their part of the deal, the other can seek legal remedies, such as damages. Contracts can be written or verbal, but written contracts are often easier to enforce in court.