Contract law is based on the notion that you are the best judge of your own welfare. For the most part, you are free to enter into any agreement you want, subject to whatever rules you choose, and the law will support you. However, this freedom is not limitless, as the law imposes certain contract requirements.
Elements -- Consideration and Mutual Assent
Contracts arise when a duty comes into existence, because of a promise made by one of the parties.
To be legally binding as a contract, a promise must be exchanged for adequate consideration.
There are two different theories or definitions of consideration: Bargain Theory of Consideration and Benefit-Detriment theory of consideration. 1) Under the .
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Governing Laws
Contracts are mainly governed by state statutory and common (judge-made) law and private law (i.e. the private agreement).
Private law principally includes the terms of the agreement between the parties who are exchanging promises.
This private law may override many of the rules otherwise established by state law.
Statutory law, such as the Statute.
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Overview
Contracts are promises that the law will enforce.
Contract law is generally governed by the state Common Law, and while general overall contract law is common throughout the country, some specific court interpretations of a particular element of the Contract may vary between the states.
If a promise is breached, the law provides remedies to the har.
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What is a contract enforceable by law?
They write new content and verify and edit content received from contributors. contract, in the simplest definition, a promise enforceable by law.
The promise may be to do something or to refrain from doing something.
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What is contract law?
Contract law is based on the notion that.. you are the best judge of your own welfare A contract is a promise that the law will enforce. true .
