Contract law ki definition

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 commo…

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 …

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 include…

Remedies For Breach of Contract -- Damages

If the agreement does not meet the legal requirements to be considered a valid contract, the “contractual agreement” will not be enforced by the law, and th…