Contract Law Basics

This lecture covers the fundamental concepts of contract law, focusing on the exchange of will between parties, the obligations arising from bilateral contracts, the role of the law in providing rules when parties do not decide, and the distinction between fixed-price and indeterminate contracts. The instructor explains the importance of properly qualifying contracts and the implications of fixed-price and cost-based contracts. Through practical examples and legal provisions, the lecture delves into the complexities of contract types, subcontracting relationships, and liability for defects in subcontracted work.