1. The common law is the main source of contract law.  In most jurisdictions, contract law is not codified, and thus the primary source of general contract law is case law.

    What is a Contract?

    A contract is a legally enforceable agreement. A contract is formed in any transaction in which one or both parties make a legally enforceable promise. A promise is a commitment or undertaking that a given event will or will not occur in the future and may be express or implied from conduct or language and conduct. A promise is legally enforceable where it: was made as part of a bargain for valid consideration; reasonably induced the promisee to rely on the promise to his detriment; or is deemed enforceable by a statute despite the lack of consideration.

    Types of Contracts

    Contract may be of the following types: express—an agreement manifested by oral or written words; implied-in-fact—an agreement manifested by conduct; or Implied-in-law (also referred to as a ‘quasi-contract’) – not a true contract but an obligation imposed by a court despite the absence of a promise in order to avoid an injustice.  A bilateral contract can be accepted in any reasonable way, a unilateral contract can be accepted only by performing the terms of the offer.

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