Contract & Tort Law Basics

What is a contract?

A legally binding agreement between two or more parties

Name one essential element required for a valid contract.

Offer, acceptance, or consideration (any one)

What is tort law?

The area of law dealing with civil wrongs that cause harm or loss, allowing the injured party to seek compensation

What do we call a failure to exercise reasonable care, resulting in harm to another person?

Negligence

What is the term for compensation awarded to a plaintiff who wins a civil lawsuit?

Damages