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Contract law governs the legality of agreements made between two or more parties when there is an exchange of some sort intended to take place. In nearly all business transactions, contracts are made.
A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent , expressed by a valid offer and acceptance ; adequate consideration ; capacity ; and legality .
Contract law regulates the obligations established by agreement, whether express or implied, between private parties in the United States. The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law.
Explore the fundamentals of contract law from key elements to the different types to what constitutes a breach of contract.
Whether you write your own contract or have a business attorney draft one for you, it's a good idea to know what goes into a legal contract. This article discusses contract law basics, the types of contracts, and what small business owners can expect in court.
This contract law course, with new materials and updated case examples, is designed to introduce the range of issues that arise when entering and enforcing contracts. It will provide an introduction to what a contract is and also analyze the purpose and significance of contracts.
Contract law is a complex area of law that governs everyday transactions and business deals. As long as the contract is formed with certain requirements, it is a legally binding agreement. Once this agreement is in place, it can allow either party to enforce the terms of the contract through a court of law.