The contract is known as an agreement between the two or more parties that any party can turn to the court to enforce. And laws that are made to govern these contracts are known as contract laws. In case of breach of these agreements, contract laws come for the rescue of the affecting parties, help in resolving the issues and provide a fair remedy. People who conduct business, they use contract laws. This is so because contracts help in carrying on the business transactions smoothly and also help to avoid any misunderstanding.
There are many types of contracts. Now we discuss these types one by one.
There are some other types of contract laws too, but these are the most common types that are practiced by the people normally.