What you’ll learn to do: list and describe the elements of a legally enforceable contract, and explain the consequences of breach of contract

The contract is probably the most familiar legal concept in American society because it’s so central to deeply held convictions about the nature of our political, economic, and social life. In this section you’ll learn what contracts are and why they’re so central to business.

The specific things you’ll learn to do include the following:

• Define “contract”
• Identify the four elements of a legally enforceable contract
• Define “breach of contract”
• Explain the legal remedies for breach of contract