Human society on a daily basis is surrounded by contracts. The sole coexistence of an offer and an acceptance gives rise to a contract. Contractual relationships may be simple or intricate, turning on the commercial operation underlying and the parties involved. The law of contracts encircles the rights and obligations of the parties in regards to the elements of contracts: contract formation, consideration, agency, third party rights and breach of contract.
In some instances, the law implies duties and terms into relations amongst qualified parties. By way of example, consumer law prohibits abusive clauses in consumer contracts for services, as well implies warranties into contract. Contracts between merchants are subject to commercial law, rather than civil code contracts.