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Contract Law

Contract Law is an exchange of promises between two or more parties to do, or refrain from doing, an act, which resulting contract is enforceable in a court of law. It is a binding legal agreement.  That is to say, a contract is an exchange of promises for the breach of which the law will provide a remedy.

Contract Law is said to be reached when an offer capable of immediate acceptance is met with a mirror image acceptance. The parties must have the necessary capacity to contract and the contract must not be trifling, indeterminate, impossible or illegal. Breach of contract is recognized by the law and remedies can be provided.

Technically, any oral agreement between two parties can constitute a binding legal contract in Contract Law. The limitation to this, however, is that only parties to a written agreement have material evidence to prove the actual terms uttered at the time the agreement was struck. In daily life, most contracts can be and are made orally, such as purchasing a book or a sandwich.

 

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