Contract law is a part of the law of an legal jurisdiction. The main aim f contract law is to (1)... that there is fairness in the way a contract is made between two parties and to (2)... a mechanism to enforce it if one of the parties fails to carry out its (3)... under the contract. Under the U.K. and U.S. law there is a (4)... for certain basic (5)...to be present before an agreement will be considered a legally (5)... contract. First of all, it is important to establish that the parties intended to create a legal (6) when they formed the contract and not merely an Relationship...agreement. Secondly, there must be both an offer by one party and an (7)... of that offer by the other. Finally, both sides must exchange Acceptance..., which can be described more simply as what the parties exchange under the contract, for example, goods, services or money.