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Foundational Principles Of Contract Law
Foundational Principles of Contract Law
Key Principles of Contract Law Every Law Student Should Know are foundational to understanding legal agreements and obligations. At its core, contract law governs the creation and enforcement of agreements between parties. Essential principles include offer and acceptance, where one party makes an offer that the other accepts, creating a binding agreement. Consideration refers to the value exchanged between parties, which can be money, services, or goods. Capacity ensures that parties entering into a contract are legally able to do so, while legality ensures that the contract's purpose is lawful. Lastly, the intention to create legal relations confirms that both parties intend the agreement to be legally binding. Understanding these principles is vital for law students, as they form the basis of most legal transactions and disputes.
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