What is contract law?
An example of an AI chatbot conversation about contract law and its principles.
What is contract law?
Contract law is the body of law that governs agreements between individuals and entities. It ensures that promises made in contracts are enforceable.
What are the essential elements of a contract?
The essential elements of a contract include offer, acceptance, consideration, mutual consent, and legal purpose.
Can a contract be verbal?
Yes, contracts can be verbal, but certain types must be in writing to be enforceable, such as real estate contracts.
What happens if a contract is breached?
If a contract is breached, the non-breaching party may seek remedies such as damages, specific performance, or cancellation.
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