The Law of Contracts

The Law of Contracts governs agreements between parties, ensuring that promises made are legally enforceable. For a contract to be valid, it typically requires an offer, acceptance, consideration (something of value exchanged), and mutual intent to create a binding relationship. Contracts can be written or verbal, though written contracts are often clearer. If one party fails to fulfill their obligations, it can lead to a breach of contract, allowing the affected party to seek remedies, which may include damages or enforcement of the agreement. Overall, contract law helps ensure fairness and clarity in business and personal transactions.