Understanding Contracts

Very simply put, a contract is a binding legal agreement that is enforceable by law. Most people enter into many contracts each day without even realizing it. What makes a contract enforceable in a court of law? What are your obligations when you enter into a contract? In this topic, you will learn about the elements of a contract and your responsibilities as one of the parties in a contract.

Essential Questions:

• What is a contract?
• What are some examples of contracts?