• a promise for the breach of which the law gives a remedy
• often used to establish an employment relationship or arrange freelance work
• actual damages for crimes, punitive for torts

• most basic level- a contract is an agreement between contracting parties formed by the extension of an OFFER to which an ACCEPTANCE is communicated and for which CONSIDERATION is given
• need: an offer, acceptance and consideration
• only some have to be in writing

exchange of mutual promises

"I will sell you my car for $5,000"

"I accept"

• 18 or older
• competent

adopted by most states to facilitate commerce

• establish a framework for the sale of goods, bank transactions, the extension of credit and other commercial relationships

• there must be a manifestation of willingness to enter into a bargain at the present time
• must be a mutual understanding of the terms of the contract
• must be communicated by the offerer

court requires seller to hold up their end of the bargain

• for unique pieces only; art, real property, etc.

• read the contract
• make certain the contract provides the remedies in the event of a breach
• engage your lawyer in the process sooner rather than later