Function of Contract law

The primary purpose of contract law, he contends, is to enforce the agreement of the parties. For there to be a contract, substantial agreement must exist and the parties must have freely intended to be legally bound. In interpreting contracts, courts are primarily trying to carry out the intent of the parties.

Note-An agreement exists where there is a mutual understanding regarding rights and responsibilities among parties to a business arrangement. A contract is an agreement between respective parties that creates legally binding obligations.