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Thus, to make sure that the industry and the people in it are safe and all their trading deals are secure, Contract Law was made. For example, USA is run by the Industrialists and India by the agricultural industry. We all know that the economy of any country grows only when it is built on some particular aspect of the occupation.
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What is Contract law?Ĭontract Law is one of the most important parts of Law for any part of the world. Therefore it is really necessary to understand the contract law to understand 6 elements of a Contract. From buying property to purchasing something as common as bike or health insurance come under the study of Contract Law. Whether you are a businessman, business student or just another normal human, you should know about these and that too in-depth.Īny employment begins with a contract and if there's not one then certainly it is not a legal entity. There are 6 elements of a contract that are essential. The contract is a document which holds a legal recognition, and in case of breach or fraud, this is the document that saves a person from losing money or property.Īlso, there are many cases where people were saved from getting imprisoned. They are the face of trust and sense of surety as they minimize the probability of the risk. Contracts are the backbone of any relationship that is backed up by monetary means.