Contract laws are legal rules that govern agreements between parties. These laws ensure that contracts are enforceable and outline the rights and obligations of each party involved. A valid contract typically requires an offer, acceptance, consideration, and mutual consent. When a contract is breached, meaning one party fails to fulfill their obligations, the other party may seek legal remedies. This can include damages, specific performance, or cancellation of the contract. Understanding contract laws helps individuals and businesses navigate their agreements and protect their interests.