Understanding Business and Personal Law

Chapter 5: How Contracts Arise

Chapter Overviews

Ready to Learn?
Most people think a contract is a formal legal document that you use when you buy a car, a house, or other big-ticket items. However, these contracts represent only a fraction of the contracts that you will make over your lifetime. A contract is any agreement enforceable by law. In this chapter, you will learn when an offer has been made and when acceptance goes into effect. Being able to identify the elements of a contract will help you manage your dealings effectively.