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contract | Wex | US Law | LII Legal Information Institute contract 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 In some states , elements of consideration can be satisfied by a valid substitute
The principles of contract law — Legal glossary While contracts themselves cover an enormous array of legal areas, they do share a remarkable amount in common across industry and type To that end, several key elements constitute contract formation; contract law is shaped by considerations of public policy, and parties involved, such as the offeror, must be aware of these legal principles
A Basic Introduction to Contract Law - University of North . . . A Basic Introduction to Contract Law Although contract law can become extremely complicated, at heart it is really very simple A contract is nothing more than an agreement between two or more people that each will do something in exchange for receiving something Regardless of whether a contract has hundreds of pages of fine print or consists of a few words and a handshake, there are four
What is Contract Law? | Become a Contract Lawyer Contract law is the body of law that relates to making and enforcing agreements A contract is an agreement that a party can turn to a court to enforce Contract law is the area of law that governs making contracts, carrying them out, and fashioning a fair remedy when there’s a breach Anyone who conducts business uses contract law Both companies and consumers use contracts when they buy