Restatement (Second) of Contracts
The "Restatement (Second) of Contracts" is a legal document that summarizes and clarifies the principles of contract law in the United States. Created by the American Law Institute, it aims to provide a coherent framework for understanding how contracts are formed, enforced, and interpreted. This restatement serves as a reference for judges, lawyers, and scholars, helping to standardize legal practices across different jurisdictions.
This document addresses various aspects of contracts, including offer and acceptance, consideration, and breach of contract. By consolidating existing case law and legal principles, the Restatement (Second) of Contracts helps to promote consistency and predictability in contract disputes, ultimately benefiting both parties involved in a contract.