Contracts 101

An enforceable contract needs offer, acceptance, and consideration, the exchange of something of value that separates binding deals from idle promises. Intent to be bound is judged objectively, by what a reasonable observer would understand. Capacity matters, since minors and incapacitated parties can often void.

Consent must be genuine, and fraud, duress, or serious mistake can undo it. Certain agreements must be written, such as land sales and suretyship, under statutes of frauds. Breach yields damages measured by expectation, occasionally specific performance where money cannot cure.

Common law governs services, the American UCC governs goods, and civil codes fold it all into the law of obligations..