Contract law is a body of law that governs agreements between parties, whether they are individuals or businesses. A contract is a legally binding agreement that sets forth the rights and obligations of the parties involved. Contract law provides a framework for creating, enforcing, and interpreting contracts.
There are several key elements of a contract that must be present for it to be valid and enforceable. These elements include: Offer, Acceptance, Consideration, Capacity, and Intent.
Contract law also includes principles for interpreting and enforcing contracts. For example, if there is a dispute over the meaning of a contract term, a court will look to the plain language of the contract, as well as the intent of the parties at the time the contract was formed. Contract law also provides remedies for breaches of contract, such as damages or specific performance.