Report on Contract Law and Types of Contracts

A contract is a legally enforceable commitment. A promise can be a commitment to carry out or forego taking action. A contract must be made by two or more parties, usually one of whom makes an offer and the other accepts it. Furthermore, contracts are frequently linked to projects, when one party bargains with other parties to carry out a project or a portion of a project. The fundamental components necessary for the agreement to be a valid offer and acceptance, adequate consideration, capacity, and legality are: mutual assent, expressed through a contract-compliant offer.