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 requires an offer, acceptance, and consideration to be valid.
Key Elements of a Contract
- Offer: A proposal to enter into an agreement.
- Acceptance: The agreement to the terms of the offer.
- Consideration: Something of value exchanged between the parties.
Understanding these elements is crucial for anyone entering into a legal agreement.
