What are the basics of contract law?

Contract law in Arizona is a set of legal rules meant to ensure that two parties are able to agree upon a legally binding agreement. This agreement must be based on an offer and an acceptance of that offer. In addition, there must be consideration, or something of value exchanged, for the agreement to be valid. Contracts also contain certain terms, or promises, and parties must have the legal capacity to enter into a contract in order for it to be enforceable. Generally, this means that the parties must be mental sound, an adult, and capable of understanding the terms of the agreement. Even if there is a valid offer and acceptance, if either party does not have the legal capacity to enter into a contract, the contract is not enforceable. There must also be an acceptance of the terms of the agreement, not just of the offer. Generally, the acceptance must be clear and unequivocal. If the acceptance is not given in the manner specified by the offer, then a contract is not formed. Finally, the performance of the contract must be within the bounds of the law. If any of the parties fail to perform the contract, then they can be held liable for breach of contract. There are also remedies available to the non-breaching party to compensate for any losses suffered as a result of that breach.

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What are the basics of contract law?

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