Why Is Contract Law So Vital To Accomplishing Business Objectives

LEGAL 2
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How are contracts used to agree to anything that is not illegal or against public policy?
Why is contract law so vital to accomplishing business objectives?
One of the elements of a contract is that the terms of the contract should be legal and not against public policy. Contracts are legal agreements binding to the parties and must include an offer and acceptance, as part of agreement consideration, capacity of the parties, the intent of the parties and object of the contract. Contracts are unenforceable if they are intended to violate the law or against public policy. Public policy is the societal laws that govern how people behave and the parties cannot agree on something that is illegal like sell drugs, unenforceable and unreasonable terms. Contracts that restrain trade, unconscionable clauses, discriminatory contracts and exculpatory clauses go against public policy. However, even if the c...