What is the purpose of contract law?

Contract law serves to protect both parties involved in a business arrangement by setting out the rights and obligations of both parties. This ensures that agreements between parties are legally binding and can be enforced if one party fails to fulfill its obligations. Contract law helps to create trust between parties and encourages business transactions in Washington. Contract law is also used to prevent fraud. Contracts set out rules and liabilities, making it possible to assess the consequences of a breach of contract should either party fail to fulfill its obligations. As contracts are legally binding documents, any failure to fulfill an obligation can be taken to court for resolution. Although the main purpose of contract law is to protect parties in business arrangements, it can also be used to protect the interests of consumers. In Washington, contract law is used to set out the terms and conditions of services and products in order to ensure that businesses are providing what consumers are expecting. In short, contract law is a set of laws used to protect the interests of parties involved in business arrangements, to prevent fraud and to ensure that products and services meet the expectations of consumers. It is designed to create trust between parties, make agreements legally binding, and prevent disputes.

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What is the purpose of contract law?

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