Contract law is a branch of law that governs the creation and enforcement of agreements between parties. It ensures that promises made in a contract are legally binding, 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 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 valid.