The Law of Contract

The Law of Contract governs agreements between parties. It establishes that a contract is formed when one party makes an offer, which the other party accepts, creating mutual obligations. For a contract to be valid, it must include elements like intention, consideration (something of value exchanged), capacity (parties must be legally able to contract), and legal purpose (the agreement must be lawful). If one party fails to fulfill their obligations, it can result in a breach of contract, allowing the wronged party to seek remedies, such as damages or enforcement of the agreement.