Us contract law basics

  • Essential elements of a valid contract

    They are: (1) obligatory force of obligations arising from contracts; (2) relativity of contracts; (3) consensuality of contracts; (4) autonomy of contracts; and (5) mutuality of contracts.
    These are the five general principles governing contracts..

  • What is the definition of contract law in simple terms?

    contract, in the simplest definition, a promise enforceable by law.
    The promise may be to do something or to refrain from doing something.
    The making of a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting..

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.
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.

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