Contracts
Abstract
A contract is an agreement between two or more parties that is legally binding and enforceable in a court of law. Performance in accordance with the agreement is an obligation or duty under the law. A failure to perform is a breach for which the law offers a remedy. All contracts consist of three essential elements: an offer, an acceptance, and some form of consideration. A failure to form a valid contract when intended, or inadvertently committing a business to obligations, can be catastrophic.
Keywords
Uniform commercial code
Contract formation
Counteroffer
Commercial impracticability
Quasi-contract
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