If you think of the law as a mechanism regulating behaviours of the society and its members, you can think of contracts, or Ks, as “mini-laws” whose functions are similar to actual laws, but whose scope is limited to contracting parties.

A contract is a set of rules mutually agreed upon by two parties, and that regulates the relationship/behaviours between the parties on specific subject matters. Technically, actual laws are also supposed to follow this definition, where the “contract” is created between the society at large and each of its members. But that’s not really our concern.

Contract Law is one of the biggest topics in business laws. Contracts govern many aspects of modern business, from suppliers to employees to customers, virtually every step of doing business requires some sort of contract.

I will not dive into the specifics of a contract; there are more than sufficient information in lectures and your textbook for you to figure those out. Instead, I will walk you through sample cases, more or less in the format of your exams, and the steps of successfully answering the questions.