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summary of what a contract is

Can you give me a summary of what a contact is.

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Can you give me a summary of what a contract is?

A contract is a legally enforceable promise or set of promises. It may be in writing, by word of mouth (orally) by conduct, or by any combination of such. Everyone is free to enter into any contract. (Exceptions: those against public morality, those against national security, those against public interests, those regulated by statutes for protection of consumers.)

Contract law is the foundation of all commercial activities. Contract law determines what promises are enforced, whether promises have been performed, and remedies for breaches of contract (meaning somebody has broken a contract in some way). These remedies are basically compensation for, or fixes to, the breached part of the contract.

There are basically two sources of contract law: The Uniform Commercial Code (the UCC) and common law. The UCC was created to establish a uniform set of rules to govern commercial transactions. The UCC attempts to unify the national marketplace. The UCC covers a broad range of commercial transactions. Article Two of UCC concerns the laws covering the sale of goods. Contracts that don't cover the sale of goods are covered by either other portions of the UCC or by common law. Common law, also known as case law, consists of law formed through court decisions.

The Requirements for a Valid Contract:

A contract is valid when it meets all the requirements for the formation of a contract. The four main requirements for a valid contract are legal capacity, legality, agreement, and consideration.

a) Legal capacity: this means that the person signing the contract must be at least eighteen years old ...

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