Abstract
There are various types of contracts in business law depending upon various legal transactions like transfer of property, sale of goods, etc. Without contract law, these voluntary agreements would instantly become impractical and unworkable. Since such agreements lie at the very heart of our society and economy, and since they depend upon contract law. Contract law lies at the heart of our system of laws and serves as the foundation of our entire society. it is our system of contract law that underpins and makes possible public as well as private agreements by which exchanges of goods and services are accomplished in our society at every level.
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