Importance of Contract law

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CONTRACT LAW
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the law of contract is intended to ensure that
what a man has been led to expect shall come to
pass and that what has been promised to him
shall be performed.  - Sir William Anson
A contract, according to Salmond, is an agreement
that creates and defines obligations between the
parties. Briefly put, it is a legally enforceable
agreement.

• The law of contract is concerned with contracts,
  i.e., legally enforceable agreements.
• The distinguishing feature of this branch of law
  is that it does not set out specific rights and
  obligations for individuals.

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• Instead, it consists of restraining
  principles, subject to which individuals (parties
  to a contract) can determine, for themselves, the
  rights and obligations to which they will be
  subject.
• Such contractual rights and obligations are
  legally protected and enforceable.

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• The primary purpose of the law of contract is
  to create certainty in commercial and other
  transactions.
• It is the most significant part of commercial law
  as agreements constitute the very source of
  commercial transactions. Trade and commerce
  virtually survive and thrive on agreements.
• The importance of this branch of law is evidenced
  by the very fact that contracts have become an
  everyday routine part of the lives of individuals.

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• For instance, while signing up on a website,
  when we accept the terms and conditions of use of
  the website, we enter into a contract with the
  proprietors of the website.
• Similarly, when we get a seat booked in a train,
  we enter into a contract with the railway
  authority. With such pervading presence of
  contracts in our lives, we cannot but ignore the
  significance of the law of contracts.

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• As a result, contract law has become a
  distinctive field of study for both law and
  finance students. Often times, students find it
  difficult to complete their contract law
  assignments due to time or social constraints.
• If you are having similar troubles, our team of
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