Understanding the Fundamentals of Contract Law
Contract law serves as the backbone of legal agreements, ensuring that promises made between parties are enforceable by law. It encompasses various principles and rules that govern the creation, execution, and enforcement of contracts.
Key Elements of a Valid Contract
A valid contract must have specific elements: offer, acceptance, consideration, and mutual intent to be bound. An offer is a proposal by one party to another, indicating a willingness to enter into an agreement. Acceptance is the unambiguous consent to the terms of the offer. Consideration involves something of value exchanged between the parties. Both parties must have the intention …
