Law of Contracts

Law of Contracts is the law governing contracts. In law, a contract is a legally binding agreement between two or more parties which, if it contains the elements of a valid legal agreement, is enforceable by law or by binding arbitration. A legally enforceable contract is an exchange of promises with specific legal remedies for breach. These can include compensatory remedy, whereby the defaulting party is required to pay monies that would otherwise have been exchanged were the contract honoured, or an equitable remedy such as specific performance, in which the person who entered into the contract is required to carry out the specific action they have reneged upon.