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Essay Archive - Contracts
Contracts
A contract is an agreement that is enforceable by law. Modern business could not
exist without such contracts. Most business transactions involve commitments to
furnish goods, services, or real property; these commitments are usually in the
Use of the contract in business affairs ensures, to some extent, the performance
of an agreement, for a party that breaks a contract may be sued in court for the
damages caused by the breach. Sometimes, however, a party that breaks a contract
may be persuaded to make an out-of-court settlement, thus saving the expense of
legal proceedings.
A contract arises when an offer to make a contract is accepted. An....
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