Contracts

Contracts Contracts are promises that the law will enforce. The law provides remedies if a promise is breached or recognizes the performance of a promise as a duty. Contracts arise when a duty does or may come into existence, because of a promise made by one of the parties. To be legally binding as a contract, a promise must be exchanged for adequate consideration. Adequate consideration is a benefit or detriment which a party receives which reasonably and fairly induces them to make the promise/contract . For example, promises that are purely gifts are not considered enforceable because the personal satisfaction the grantor of the promise may receive from the act of giving is normally not considered adequate consideration. Certain promises that are not considered law, contracts, promise, promises, private, party, parties, considered, consideration, adequate, statutory, state, otherwise, one, duty, detriment, common, binding, because, agreement, written, writing, without, terms, signing, second, satisfaction, rules, restatement, require, remedies, relied, recognizes, receives, receive