Review:
Contract Law
overall review score: 4.2
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score is between 0 and 5
Contract law is a legal concept that governs the formation and enforcement of agreements between parties.
Key Features
- Offer and acceptance
- Consideration
- Intention to create legal relations
- Capacity to contract
- Legality of purpose
Pros
- Provides a framework for parties to enter into legally binding agreements
- Protects parties' rights and interests
- Promotes predictability and certainty in commercial transactions
Cons
- Can be complex and technical
- Enforcement can be costly and time-consuming
- Interpretation of contracts can be subjective