A contract is an agreement entered into by two or more parties with the serious intention of creating a legal obligation or obligations, which may or may not have elements in writing. Contracts can also be formed orally (parol contracts). The remedy at law for breach of contract is usually “damages” or monetary compensation. In equity, the remedy can be specific performance of the contract or an injunction. Both remedies award the damaged party the “benefit of the bargain” or expectation damages, which are greater than mere reliance damages, as in promissory estoppel.
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