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- Contract law is a body of law that governs, enforces, and interprets agreements related to an exchange of goods, services, properties, or money. According to contract law, an agreement made between two or more people or business entities, in which there is a promise to do something in return for a gain or advantage, is legally binding.
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The purpose of the guide is to take you through each topic in the syllabus for Contract law in a way which will help you to understand contract law. The guide is intended to ‘wrap around’ the recommended textbooks and casebook. It provides an outline of the major issues presented in this subject.
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- Definition of Contract Law
- What Is Contract Law
- Laws Governing Contracts
- Anticipatory Breach vs. Actual Breach
- Elements of A Legally Binding Contract
- Breach of Contract in Failed Surgery
- Related Legal Terms and Issues
Noun 1. The branch of civil law that deals with interpretation and enforcement of contracts between two or more parties.
Contract law governs the legality of agreements made between two or more parties when there is an exchange of some sort intended to take place. In nearly all business transactions, contracts are made. Such contracts, even if made by a verbal agreement, are legally enforceable, as an obligation to fulfill the terms of the agreement has been created....
There are laws governing contracts at the federal, state, and local levels, though most contracts are subject to the laws of the state in which it was created. Because the laws governing contracts vary a little by jurisdiction, most contracts include a governing law provision. This is a section of the contract itself in which it is specifically sta...
Contracts are breached in two primary ways, referred to as (1) and actual breach, and (2) an anticipatory breach. An actual breach occurs when one party to the agreement fails or refuses to honor his part of, or complete his duties under, the contract. For example: Josh agrees to deliver 300 pavers to Charles at his home on Monday, for $150.00. Cha...
Contract law requires certain elements of a legally binding contract to be met in order for the agreement to be enforceable. Regardless of the type of contract, if any of these four elements is not met, the contract may not be enforceable:
George A. Hawkins had suffered a severe burn to his hand when he was 11 years old. Local doctor Edward R. B. McGee approached Hawkins’ father, offering to do surgery to repair Hawkins’ hand, and guaranteed the surgery would leave Hawkins with a “one-hundred percent good hand.” McGee repaired the hand by grafting skin from the patient’s chest to rep...
Binding – Having power to bind or oblige; imposing an obligation.Business Entity– An organization established and existing apart from any other interest, business or personal.Civil Lawsuit– A lawsuit brought about in court when one person claims to have suffered a loss due to the actions of another person.Civil Liability – A lawsuit brought about in court when one person claims to have suffered a loss due to the actions of another person.Explain the sources of contract law. Discuss a basic taxonomy for classifying contracts. Describe the key terms that are used to identify types of contracts.
A contract is an agreement made with intention that it will be legally enforceable. Contract law concerns issues regarding the formation of contracts; the sources, interpretation, and regulation of terms; when a breach takes place and the resulting consequences; and ways to escape a contract through vitiating factors, mistake, or frustration.
This chapter presents an overview of contracts; it is concerned with the definition of contracts, the basic justifications for their existence, and with important aspects of contractual practice and of the law of contracts. Subsequent chapters will deal in greater detail with certain aspects of contract law and with particular types of ...
Contract Law can be defined as the body of legal rules and principles governing the formation, interpretation, and enforcement of agreements between two or more parties. In essence, it enables parties to make legally enforceable promises and sets out the remedies available in case of breach.
LEARNING OBJECTIVES. Explain what constitutes a contract. Understand how a contract is formed. Know the defenses to performance of a contract. Understand breach of contract and its consequences. Identify remedies for breach of contract.
