Contracts - Business Law

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The law of contracts deals with the enforcement of promises. But not all promises are legally enforceable. We have all made and broken promises without fear of being sued. If you promise to quit smoking or to take someone to dinner and fail to do so – you would be shocked to be sued for breach of contract. A contract is an agreement between two ore more parties that creates an obligation. (the simplest definition). A contract is an agreement between two or more parties which creates legally binding obligations (the correct legal definition). A contract is a promise or a set of promises for the breach of which law gives remedy or the performance of which the law in some way recognizes a duty. (Amercan Law definition)