![]() ![]() Contract law is generally governed by the state Common Law, and while general overall contract law is common throughout the country, some specific court interpretations of a particular element of the Contract may vary between the states. Possible remedies for breach of contract include general damages, consequential damages, reliance damages, and specific performance.Ĭontracts are promises that the law will enforce. In some states, element of consideration can be satisfied by a valid substitute. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance adequate consideration capacity and legality. ![]() An agreement between private parties creating mutual obligations enforceable by law.
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