Editing Contract Law (section)

== <span style="color: #FFFFFF;">Understanding</span> ==
A contract is built on a '''"Meeting of the Minds."'''

'''1. The Three Requirements''':
1. '''Offer and Acceptance''': "I'll give you $10 for that book" -> "Deal."
2. '''Consideration''': Both people must give something up. If I promise to give you $10 for nothing, that is a "Gift," not a "Contract." If I break that promise, you usually can't sue me.
3. '''Mutual Assent''': Both people must understand what they are agreeing to. If I think I'm buying a real diamond and you know it's glass, there is no "Meeting of the Minds."

'''2. Remedies for Breach''':
The goal of contract law is not to "punish" the person who broke the deal, but to put the other person back where they would have been if the deal had happened.
* '''Expectation Damages''': Giving the person the "benefit of the bargain" (the profit they would have made).
* '''Reliance Damages''': Reimbursing the person for the money they spent getting ready for the deal.

'''3. The Importance of Default Rules''': No contract can cover ''everything''. Contract law provides "Default Rules" that fill in the gaps. (e.g., If we don't agree on a delivery date, the law says it must be within a "reasonable time").
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