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Contracts 101- What is a Contract?
There are many definitions of contracts, but in general a contract is an agreement between parties that is enforceable by law. While a contract always involves an agreement, not every agreement is a contract. Below are 2 examples.
Example 1: Daniel has a car for sale. He offers to sell it to Chuck for $5,000. Chuck agrees to pay Daniel his asking price. They both agree that the money will be paid on Friday. On Thursday Daniel calls Chuck and explains that he’s changed his mind and that the car is no longer for sale. Can Chuck sue Daniel for breach of contact? (more…)
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