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Contract law is a branch of civil law that governs the creation, enforcement, and dissolution of legally binding agreements between parties. It provides the legal framework for individuals, businesses, and organizations to enter into agreements, ensuring that promises made are upheld and that parties have remedies if the terms of the agreement are breached. Contract law is fundamental to commerce, trade, and everyday transactions.
Terms are explicitly stated, either verbally or in writing.
Terms are inferred from the conduct or circumstances of the parties.
Both parties exchange promises (e.g., a sale agreement where one party promises to pay, and the other promises to deliver goods).
One party makes a promise in exchange for the performance of an act by the other party (e.g., a reward for finding a lost item).
Agreements documented in writing, often required for certain types of contracts (e.g., real estate transactions).
Agreements made verbally, which are generally enforceable but harder to prove in court.