Contract law
Contract Law is a body of law that governs, enforces, and interprets agreements related to an exchange of goods, services, properties, or money. According to contract law, an agreement made between two or more people or business entities, in which there is a promise to do something in return for a valuable benefit known as consideration, is legally binding.
Overview[edit | edit source]
Contract law is generally governed by the state Common Law, and its details can vary greatly. However, in general, the contract must include mutual assent, expressed by a valid offer and acceptance, adequate consideration, capacity, and legality.
Types of Contracts[edit | edit source]
There are several types of contracts in contract law, including:
- Express Contract: This type of contract is formed when the parties involved discuss the terms and conditions.
- Implied Contract: This type of contract is formed based on the behaviors of the parties involved.
- Unilateral Contract: This type of contract is formed when one party makes a promise in exchange for the other party's performance.
- Bilateral Contract: This type of contract is formed when both parties make a promise to each other.
Elements of a Contract[edit | edit source]
The basic elements required for the agreement to be a legally enforceable contract are:
- Mutual Assent: This means the parties involved have agreed upon the terms of the contract.
- Consideration: This refers to the value that is being exchanged between the parties involved.
- Capacity: This refers to the ability of the party to understand the contract.
- Legality: This refers to the requirement that the contract's terms are legal.
Breach of Contract[edit | edit source]
A Breach of Contract occurs when one party fails to fulfill their duties as outlined in the contract. Breach of contract can lead to legal penalties.
See Also[edit | edit source]
- Common Law
- Express Contract
- Implied Contract
- Unilateral Contract
- Bilateral Contract
- Mutual Assent
- Consideration
- Capacity
- Legality
- Breach of Contract
| Contract law Resources | |
|---|---|
|
 |
Search WikiMD
Ad.Tired of being Overweight? Try W8MD's physician weight loss program.
Semaglutide (Ozempic / Wegovy and Tirzepatide (Mounjaro / Zepbound) available.
Advertise on WikiMD
|
WikiMD's Wellness Encyclopedia |
| Let Food Be Thy Medicine Medicine Thy Food - Hippocrates |
Translate this page: - East Asian
中文,
日本,
한국어,
South Asian
हिन्दी,
தமிழ்,
తెలుగు,
Urdu,
ಕನ್ನಡ,
Southeast Asian
Indonesian,
Vietnamese,
Thai,
မြန်မာဘာသာ,
বাংলা
European
español,
Deutsch,
français,
Greek,
português do Brasil,
polski,
română,
русский,
Nederlands,
norsk,
svenska,
suomi,
Italian
Middle Eastern & African
عربى,
Turkish,
Persian,
Hebrew,
Afrikaans,
isiZulu,
Kiswahili,
Other
Bulgarian,
Hungarian,
Czech,
Swedish,
മലയാളം,
मराठी,
ਪੰਜਾਬੀ,
ગુજરાતી,
Portuguese,
Ukrainian
Medical Disclaimer: WikiMD is not a substitute for professional medical advice. The information on WikiMD is provided as an information resource only, may be incorrect, outdated or misleading, and is not to be used or relied on for any diagnostic or treatment purposes. Please consult your health care provider before making any healthcare decisions or for guidance about a specific medical condition. WikiMD expressly disclaims responsibility, and shall have no liability, for any damages, loss, injury, or liability whatsoever suffered as a result of your reliance on the information contained in this site. By visiting this site you agree to the foregoing terms and conditions, which may from time to time be changed or supplemented by WikiMD. If you do not agree to the foregoing terms and conditions, you should not enter or use this site. See full disclaimer.
Credits:Most images are courtesy of Wikimedia commons, and templates Wikipedia, licensed under CC BY SA or similar.
Contributors: Prab R. Tumpati, MD
