Empower Your Business with airSlate SignNow's Contact Management Database in Legal Agreements

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now let's say you have money and I have food as it turns out I want money and you want food so that's great for the both of us I say hey do you want food for your money and you reply with a hearty yes and once you accept my offer we have officially entered into an agreement and the law calls this agreement a contract okay so far so good so why do we care let's say after we make this agreement you pay me your money and then I say suddenly I don't like you and I don't want to give you food anymore you're probably like wait you can't do that that's not fair and that's exactly what the law things as well as long as a contract involves some exchange of value and we're both super serious about our promises the law will make the contract happen there's two ways it can do that first of all it could tell me hey you promised to give him food you should do that that's the remedy of specific performance or more commonly it could also tell me since you broke your promise how about you pay up the value of the food to make amends as if you had done your promise that's the remedy of damages now you're probably thinking at this point while the law is really serious about contracts and you be right about that the Lord doesn't like destroying contracts at all that's the principle of sanctity of contract but of course exceptional situations exist yesthey of them let's say you pay me your money and all of a sudden my kitchen just explodes and I can't serve you the food anymore well that's just too bad for both of us and the law might say that our contract has been frustrated or I could tell you that I sell the best potatoes ever and then we enter into that contract between us on that basis and then you realize I'm not even selling you potatoes the law is not to help you with that and that's the doctrine of misrepresentation finally let's see I hold a knife to your neck and tell you you better give me your money for my food or else the law is going to be really unhappy and to that the law says that a contract meet under duress is voidable of course these are just illustrations that barely scratched the surface of contract law but I hope it's given you a great idea or at least some idea of what the subject is about if you're a law student watching this don't forget to do your readings - but to everyone law students and non law students like have a great day a hit