Contract Law Basics

Contract law is a fundamental aspect of legal studies that governs the agreements made between parties. It ensures that promises made in a contract are enforceable by law. A contract typically involves an offer, acceptance, and consideration, which is the value exchanged between the parties.

Key Elements of a Contract

• Offer: A proposal made by one party to another.
• Acceptance: The agreement of the other party to the offer.
• Consideration: Something of value exchanged in the agreement.

Understanding these elements is crucial for anyone entering into a legal agreement.