Contract law is best describe as

  • What best defines a contract?

    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..

  • Which of the following is the best description of a contract? An agreement between competent parties and based upon legal consideration that creates legally enforceable duties and obligations.
A contract is a legally binding agreement between parties to create mutual obligations that businesses and individuals use to protect their interests. Contracts 
Contracts are legally enforceable agreements between two or more parties. Contracts often involve the exchange of money for goods or services.

What is an example of a contract?

Examples of such agreements in business include:

  • bills of sale
  • purchase orders
  • and employment agreements.
    There are laws governing contracts at the federal, state, and local levels, though most contracts are subject to the laws of the state in which it was created.
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    What is contract law & how does it work?

    Contract law is a body of law that governs, enforces, and interprets agreements related to an exchange of goods, services, properties, or money.
    According to contract law, an agreement made between two or more people or business entities, in which there is a promise to do something in return for a gain or advantage, is legally binding.


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