This lesson covers the fundamental principles of contract law, essential for legally binding agreements. Key elements include:

1. Offer: A clear proposal by the offeror to the offeree, indicating willingness to contract on specific terms.
2. Acceptance: The offeree’s agreement to the offer’s terms, which must be communicated effectively and match the offer to form a binding contract.
3. Consideration: An exchange of value (money, goods, services, or promises) between parties, ensuring mutual obligation.
4. Capacity: The legal ability to contract, requiring mental competence and typically being 18 or older.
5. Legality: The contract’s terms and purpose must comply with the law; illegal activities cannot be enforced.

Case studies and examples will illustrate how these elements apply in real-world scenarios, enhancing understanding of both the theory and practice of contract law.

Summarised Notes