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Contract law is a system of rules that determines when a binding agreement exists between two or more parties, and what obligations each party has to the others. It is the body of law that governs commercial agreements, including the sale of goods, services, and leases.
In the UK, contract law is codified in the Contracts Act of 1999. This act sets out the general principles of contract law and establishes certain rights and duties for contracting parties. The main purpose of contract law is to ensure that both parties uphold their end of the bargain, and to provide remedies if one party breaches the contract.
Contracts are typically written documents, but they can also be oral agreements. For a contract to be valid, there must be an offer by one party and an acceptance by the other party. The parties must also have the intention to create a legally binding agreement.
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