👉 A contract is a legal agreement that specifies the obligations and rights of each party, typically in exchange for consideration. Contract law aims to ensure fair treatment of all parties involved in a transaction or relationship, promoting the mutual benefit of both parties.
In contract law, contracts are classified into different categories based on their purpose or nature:
1.
Contractual Obligations
: These agreements involve obligations that must be fulfilled by one party, typically for payment or other consideration.
2.
Contractual Rights
: