Question

Question 1 (The only question): The law of contracts is a private arrangement between two or more people, and “a deal is a deal.” True? If not true, when might a deal not be a deal after all?

Answer 1

The statement is not True

A contract is a binding agreement between two or more parties that usually results in some type of performance. The law of contract provides a mechanism through which private individuals can, to a certain degree , predit , control and stabilize the future when they enter into a contract.

A deal is not a deal unless the deal has all the elements of a contract . For any deal to be a contract and to be valid and enforceable, it must satisfy four main elements.

• Capacity.
• Offer and acceptance.
• Consideration.
• Legality.