Key Concepts:

• Contract: A legally binding agreement between two or more parties that creates mutual obligations enforceable by law.
• Unilateral Contract: A contract where one party makes a promise in exchange for another party's action. Acceptance of the offer is the performance of the action.
• Bilateral Contract: A contract where two parties exchange mutual promises to be performed in the future.
• Offer: A proposal to enter into a contract, outlining specific terms and conditions.
• Acceptance: Agreement to the terms of an offer, creating a binding contract.
• Consideration: Something of value exchanged by each party in a contract.
• Breach of Contract: Failure to perform one's obligations under a contract.
• Remedies: Legal means of enforcing a right or redressing a wrong.
• Damages: Monetary compensation awarded for losses suffered due to a breach of contract.
• Specific Performance: A court order requiring a party to fulfill their contractual obligations.
• Injunction: A court order prohibiting a party from performing a specific act.
• Modal Verbs: Verbs like "shall," "must," "may," and "will" that indicate obligation, permission, or possibility in legal contracts.

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