Contract Law Principles PDF

The word "contract" is likely to conjure images of a lengthy, densely worded tome that is comprehensible, if at all, only by lawyers. But contracts are part of everyday life. Turn over your car keys to the parking garage attendant and a contract (known as a bailment) is created: you agree to pay a fee in exchange for the storage and return of your car. When you go to the video store, you either buy a movie (a contract of sale) or borrow one (a contract of lease). These simple transactions are contracts because the definition of a contract is simply "a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty."¹