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Law Cases: Contract, Private
Contracts are legally binding agreements. Contract law enforces them. In case of contract law Not just any agreement is a legally binding contract. State statutory laws, common contract law principles (judge-made) and private law govern contracts. International contract law principles also play a significant role based on the nature of the contract. In case of Private law the terms of the agreement between the parties who are exchanging promises and may override any of the rules established by state laws. Statutory law may require some contracts be put in writing and executed with particular procedures, or else the parties may enter into a binding agreement without signing a formal written document. Generally business contract law requires that all contracts should be put in writing to be legally enforceable. To be legally binding as a contract, a promise must be exchanged for adequate consideration. Adequate consideration is a benefit or detriment that someone receives which reasonably and fairly induces him or her to make the promise/contract.
To be legally enforceable, a contract must have the following elements:
- Meeting of minds or mutual consent
- Offer and acceptance
- Mutual consideration or the mutual exchange of something of value
- Performance or delivery
As per common contract laws, good faith and no violation of public policy are other elements that may be factored into the enforceability of a contract.
Oral contracts are difficult to prove. Under most circumstances, if the terms of the contract can be proved or are admitted by the other party, an oral contract can be enforced just like one that is in writing.
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