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Contract law governs agreements made between individuals, businesses, or other entities, setting out legally binding obligations. Its core principles include offer, acceptance, consideration, and mutual consent. Laws and regulations ensure these elements are met, protecting parties involved by providing frameworks to resolve disputes and enforce promises. When these legal obligations are broken—called a "breach of contract"—consequences may follow, such as compensatory damages, which aim to restore the injured party, or specific performance, where the breaching party must fulfill their original promise. These rules uphold fairness and accountability, creating a reliable basis for economic transactions and fostering trust in personal and commercial relationships.