What is the basic law relating to contract law?
Answers:
The Law of Contracts governs an agreement. An agreements needs an offer, an acceptance, and an identity of the minds about consideration.
An oral agreement is not worth the paper it's written on!
And let the buyer beware.
Under the Uniform Commercial Code, the single most important contract law is : If the transaction is $500.00 or greater get everything in writing, otherwise it not a binding contract. In order for it to be binding on each party, there must be some form of consideration given. That means there must be some form of " deposit" of something of monetary value.
In the UK it is "consideration" you cannot have a contract without it. Contract law is very complex and there is no "basic" law. Take professional advice my sweet k
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