Video: Introduction to Contract Law

In this lesson, Nick Palazzolo, CPA, delves into the fundamental principles of contract law, which are crucial in the realm of business transactions. He introduces the key components of a legally binding contract: offer, acceptance, and consideration, explaining that contracts create enforceable rights and obligations for the parties involved. Nick places particular emphasis on the distinction between oral and written contracts, noting specific circumstances where a written contract is required. Moreover, he discusses the implications of breaching a contract, the types of damages and remedies available, and the circumstances under which a contract may be rescinded due to elements like fraud or mistake. While offering a comprehensive overview, Nick also reminds of the relative weight of contract law in the context of exam preparation.