We're going to look at the essential elements of a contract and these are the offer, the acceptance and the consideration. You start with "is this a contract?" You first ask what law applies (UCC or common law). Thank you for your interest in this course. Unfortunately, the course you have selected is currently not open for enrollment. After reading this chapter, you should understand the following: What role contracts play in society today. A contract is a set of mutual promises or obligations that may be legally enforced against the party who breaches it. Although contract law can become extremely complicated, at heart it is really very simple. McGregor21) and a case from the United States of America (Hawkins v. Magee22). Attendance Policy: Attendance will be taken at the beginning of each class.