What is Contract Law & Elements of Contract

What is Contract Law & Elements of Contract

Contract, within the simplest definition, a promise enforceable by law. The promise could also be to try to one thing or to refrain from doing one thing. The creating of a contract needs the mutual assent of two or additional persons, one in all them unremarkably creating a suggestion and another acceptive.

If one in all the parties fails to stay the promise, the opposite is entitled to legal redress. The law of contracts considers such queries as whether or not a contract exists, which means it’s, whether or not a contract has been broken, and what compensation is due the victim.

What is a Contract?

A contract could be a binding promise created between a minimum of two parties so as to fulfil associate degree obligation in exchange for one thing of import. Contracts will either be written, oral, or a mix of each. Note that some contracts should be in writing, as well as the sale of property or a residence agreement.

Why Enter into a Contract?

Contracts make sure that your interests square measure protected by law which each parties fulfil their obligations as secure. If a celebration breaches the contract there’ll be sure solutions obtainable to the parties (known as ‘remedies’). Wherever doable, it’s best to possess a written accept place….read more