CONTRACT LAW
Introduction:
Contracts form a central feature of our modern life. Most activities we engage in constitute contracts. The law of contract is therefore key to defining and strengthening relationships. A contract is a mini legal system which has provisions and terms which govern the relationship between parties thereto and hence conferring rights and obligations upon them.
The law of contracts is the most important and the basic part of law. All of us enter into contracts in our day-to-day activities. Example, when we buy household goods, board a bus, have a meal at a restaurant, we create legal relations giving rise to obligations.
The following questions are very important in contract law; * Is there a contract?—rules relating to the formation of a contract—elements of a legally binding and enforceable contract

* Can the courts enforce the same?

* Have parties conclusively performed their obligations?

* If not, what are the remedies available for the breach of that contract?

* (iii). | Nature of Contract and Definition“A legally binding agreement made between two or more persons by which rights are acquired by one or more parties and forbearance or loss on the part of the other person/s.“An agreement creating and defining obligations between parties’’. The agreement referred in the above definitions means a meeting of minds called in law “Consensus ad idem” It signifies that the parties have agreed together about the same thing. It forms an important requirement of a contract—have agreed about the same subject matter, about the price and all terms therein.The above definitions also emphasize that the parties to the contract intend that their agreement shall be legally enforceable. Unless the law recognizes this and enforces the agreement of parties, it would be impossible to carry on commercial or business life. It is