Modern legal systems are fundamentally governed by contract law, which controls the creation, interpretation, and enforcement of agreements between parties. Contract law, which outlines the rights, duties, and remedies available to the parties concerned, provides the legal foundation for transactions in the context of business and trade. The objective theory of contracts, the parol evidence rule, and the idea of privity are a few more important concepts and theories that are covered in this essay. It examines the significance of fairness and good faith in contractual agreements as well as the changing influence of technology on the creation and execution of contracts. This study seeks to illustrate the practical significance of contract law in routine business transactions and to expand the reader's comprehension of the topic by analysing it through a contextual lens. It emphasises the importance of contract law as the basis for business interactions by providing a framework for parties to make and enforce legally enforceable agreements that support fairness, predictability, and trust in the contemporary marketplace.
