Negotiation and Contract Law

Negotiation and contract law involves the process of discussing and agreeing on terms between two or more parties regarding an exchange or service. Negotiation is the dialogue that leads to an agreement, while contract law provides the rules and frameworks for creating and enforcing legally binding agreements. A contract typically includes elements like offer, acceptance, consideration (something of value), and the intention to create legal relations. If one party fails to fulfill their obligations, the other may seek legal remedies to enforce the contract or seek damages. Understanding both helps ensure fair and effective agreements.