Contract Law : Contract Laws

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Elizabeth Richardson Professor Harris Business Law April 29, 2015 Contract Law Contracts are in every aspect of life. From buying a car to being employed, contracts govern all areas of life. By definition, a contract is “an agreement creating obligations enforceable by law” (Cornell University Law School). “A contract in its most basic definition is nothing more than a legally enforceable promise” (National Paralegal College). That means that any contract that is made legally, which will be discussed later, will hold up in a court of law. The two different parties that join together to form an agreement have to do their part of the contract as it is stated within. Contract law is in place to assure that this happens in the time frame agreed upon while making the contract. “Contracts that were mutually entered into between parties with the capacity to contract are binding obligations and may not be set aside due to the caprice of one party or the other unless a statute provides to the contrary” (Burton). The courts have a very important job when dealing with cases that concern contracts. If the courts did not enforce contracts, businesses could not function properly. Contract law prohibits parties from backing out of their agreements without consequences. This assures that when a party joins into a contract, he/she will receive the service or good that they desire. While courts have to uphold the law on contract, they cannot make contracts that were not previously agreed

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