What is the primary purpose of contract law?

The primary purpose of contract law is to ensure that parties fulfill their legal obligations as agreed. This aspect of contract law is fundamental because contracts are legally binding agreements between two or more parties, and the law provides a framework to enforce these agreements. When one party fails to meet their obligations as outlined in a contract, the other party has the legal right to seek remedies or enforcement of the contract through the judicial system. This promotes trust in business transactions and encourages parties to engage in agreements with the assurance that they will be protected under the law.

While it is true that contract law also plays a role in regulating business practices, providing guidelines for international agreements, and protecting consumers from fraudulent agreements, these aspects are secondary to the core function of ensuring that contractual obligations are honored. The enforcement of agreements serves as the backbone of both personal and commercial interactions, making it the primary purpose of contract law.