The Contract Law: The Definition Of Contract Law

The simple definition of agreement according to the oxford dictionary is a situation which people share the same opinion or accept each other’s opinion. In law agreements are informally known as contracts. Agreement in contract often requires a meeting of minds between the contracting parties which is described as a consensus “ad idem”. This brings us to the definition of contract, although it is difficult to give a definite answer to the definition of contract law, but it could be said as an aspect of law relating to agreement and promises. It is an agreement giving rise to obligations enforceable by law. The general perception of contract law is to know which agreement to enforce and which steps to take in enforcing those agreements should anything go wrong and also remedies that should be awarded to the parties being affected should anything go wrong with the contract. There are different types of contract, these are: oral contract which involves making an offer and the offer is being accepted by word of mouth,

Normally, the general principle of contract formation is, contracts are formed by the parties involved in the contract with the terms of the contract clearly specified. Every contract formed should have an offer, acceptance, consideration and intention to create legal relations and certainty.
OFFER; according to “contract law (Palgrave Macmillan 2011), an offer is said to be a statement by one party in willingness to contract on terms clearly stated and these terms are being accepted by the other party who the contract will be addressed to. An offer can be made orally, in writing or by conduct like in the case “carlil and the carbolic smoke ball”. In talking about offer, we have to talk about ‘invitation to treat’ because, sometimes a statement does not really intend in creating immediate acceptance or not necessarily an