What are the basics of contract law?

Contract law is a central part of commercial law in Tennessee. A contract is a legally binding agreement between two or more parties to perform a certain action or exchange something of value. In Tennessee, contracts must satisfy certain requirements in order to be legally enforceable. Generally, contracts must include an offer, acceptance of the offer, and consideration (something of value given in exchange for the contract). In Tennessee, contracts can be written, oral, or implied. Written contracts are the most enforceable and should cover important details such as who the parties are, what the agreement is, and how long the agreement is in effect for. Oral contracts can still be enforced in Tennessee, but they can be difficult to prove in court if there is a dispute. Contracts also need to be fair and equitable. This means that both parties must receive a benefit from the contract. Furthermore, contracts must be made without any form of manipulation, coercion, or duress. Contracts also must not be against the law, such as contracts for illegal goods or services. Finally, once a contract is signed it must be fulfilled, meaning that both parties must fulfill the obligations outlined in the agreement. If a party fails to do so, they may be held liable for breach of contract. In Tennessee, breach of contract can result in damages or the performance of the contract.

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What are the basics of contract law?

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