Contract Law is a branch of law that governs the agreements made between two or more parties. It ensures that promises made in a contract are legally enforceable, meaning that if one party fails to fulfill their obligations, the other party can seek legal remedies. Contracts can be written or verbal, but certain types, like real estate agreements, must be in writing to be enforceable. Key elements of a valid contract include offer, acceptance, and consideration. An offer is a proposal made by one party, while acceptance is the agreement of the other party to the terms. Consideration refers to something of value exchanged between the parties, which is essential for a contract to be binding.