A contract is an agreement that is enforceable by law. Modern business could not exist without such contracts. Most business transactions involve commitments to furnish goods, services, or real property; these commitments are usually in the form of contracts. Use of the contract in business affairs ensures, to some extent, the performance of an agreement, for a party that breaks a contract may be sued in court for the damages caused by the breach. Sometimes, …
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…extent that he or she was damaged by lack of complete performance. Jon P. McConnell Bibliography: Calamari, J. D., and Perillo, J. M., Contracts, 3d ed. (1987); Cataldo, Bernard F., et al., Introduction to Law and the Legal Process, 3d ed. (1987); Dunfee, T. W., and Gibson, F. F., Introduction to Contracts, 2d ed. (1984); Mandel, Ludwig, The Preparation of Commercial Agreements, 7th ed. (1978); Schlesinger, Rudolph B., ed., Formation of Contracts, 2 vols. (1968); Wincor, Richard, Contracts in Plain English (1976).