5. Contract Law

Contract Law governs legally binding agreements between two or more parties, ensuring that promises made in contracts are enforceable by law. It covers the formation, interpretation, performance, and enforcement of contracts. Key elements of a valid contract include:

1. Offer & Acceptance – One party makes an offer, and the other accepts it.

2. Consideration – Something of value (money, goods, or services) is exchanged.

3. Mutual Consent – Both parties must willingly agree to the terms.

4. Legal Purpose – The contract must not involve illegal activities.

5. Capacity – Parties must be legally competent to enter into an agreement.

Contract law protects parties from unfair dealings and provides remedies in case of breach, ensuring fair and predictable business and personal transactions.

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Reference

• Morgan Lewis – Technology Transactions & Commercial Contracts

  • URL: https://www.morganlewis.com/services/technology-transactions-outsourcing-commercial-contracts

  • Explanation: Offers guidance on crafting, negotiating, and overcoming obstacles in technology transactions and commercial contracts.

• Thompson Hine LLP – Corporate & Commercial Finance

  • URL: https://www.thompsonhine.com/services/corporate-and-commercial-finance

  • Explanation: Provides services related to corporate governance, mergers and acquisitions, and commercial contract negotiations.

• BARBRI – Contract Law Specialization

  • URL: https://www.barbri.com/resources/legal-practice-areas-you-can-specialise-in

  • Explanation: Details the scope of contract law, including drafting, negotiation, and enforcement of agreements.

• LegalFly – AI Tools for Contract Drafting

  • URL: https://www.legalfly.com/post/best-ai-tools-for-lawyers-in-2025

  • Explanation: Discusses AI-powered tools that assist in contract drafting and review, enhancing efficiency and accuracy.

• ContractSafe – Legal AI Tools for Contract Management

  • URL: https://www.contractsafe.com/blog/legal-ai-tools

  • Explanation: Highlights AI tools designed to streamline contract management processes for legal professionals.