Introduce yourself to the basics of contract law, including the sources of contract law, what exactly a contract is, the elements of an enforceable contract, and the differences between bilateral and unilateral contracts.


Agreements are often a part of everyday life. Maybe you’ve agreed to work in exchange for a paycheck, or perhaps you’ve agreed to pay a mortgage or rent. Agreements that are legally enforceable are known as contracts. Today, you’ll be learning the basics of contract law.

I. Sources of contract law

To start off our discussion, we’ll take a look at the sources of contract law. After that, we’ll discuss the definition of a contract. Next, we’ll talk about the four basic elements of a contract,...