Contract law deals with the rules and principles governing agreements between parties. It ensures that legally binding agreements are made and enforced. Some key aspects include:
Formation of Contracts: A valid contract requires an offer, acceptance, consideration (something of value), and the intention to create legal relations. If any of these elements are missing, the contract may not be enforceable.
Types of Contracts: Contracts can be verbal or written, and can be express (explicitly stated) or implied (inferred from actions or circumstances).
Breach of Contract: If one party fails to fulfill their obligations under the terms of the contract, it is considered a breach. Remedies for a breach may include damages (monetary compensation) or specific performance (forcing the breaching party to fulfill the contract).
Contract Interpretation: This involves interpreting the language and intent of the contract to determine the rights and obligations of the parties involved.
Enforceability: A contract must meet certain legal requirements to be enforceable, including being made by competent parties, having a lawful purpose, and not involving illegal activities.
Contractual Defenses: Defenses can be raised to challenge the validity of a contract, such as lack of capacity, coercion, fraud, or misrepresentation.
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