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contract law is an area of the law that relates almost exclusively...
contract law is an area of the law that relates almost exclusively to business transactions. Goodsare bought, sold, and moved by way of contract; employees are hired under contract; land andbuildings are developed, bought, sold, financed or leased under contract; business risk isreduced by the contract of insurance; and, indeed, many businesses, such as partnerships, arebased on contracts. In a sense, contracts represent the foundation of most commercial activities,and consequently, contract law represents one of the most important areas of business law. A
contract may be defined as an agreement made between two or more corporations or per-sons that the courts will enforce. Contract law differs from many other areas of the law in thatthe parties need only follow the principles set out in the law to create their own rights andduties that the courts will then enforce. In some respects, the parties create their own "law" thatthey are obliged to follow
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