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

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

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

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

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

• Common Law
• Express Contract
• Implied Contract
• Unilateral Contract
• Bilateral Contract
• Mutual Assent
• Consideration
• Capacity
• Legality
• Breach of Contract

Contract law Resources
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