Questions and Answers - Get Expert Answers to Your Queries

Answer:-

Contract law is the branch of law that governs legally binding agreements between parties. A contract is formed when one party makes an offer, the other accepts it, and there's an exchange of value, like money, goods, or services. Contract law ensures that all parties involved fulfill their promises, and it provides remedies if they don't. If one party breaks the agreement, known as a "breach," the other party can take legal action to enforce the contract or seek compensation. This area of law applies to many aspects of everyday life, from business deals to personal agreements, making it an essential part of legal systems worldwide.