ABSTRACT
Contracts are binding agreements that have legal consequences and can be enforced in court. Noted contract scholar Samuel Williston dened a contract as “a promise, or set of promises, for breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.”1 Contracts provide stability and allow society to carry out its transactions in an orderly fashion; however, contracts are not limited to serious business ventures. For example, siblings who enter into bargains to divide the household chores between them are creating contracts. While some contracts are rather elaborate and formal, others are informal and even implied.
