Promises enforceable by law are contracts. The aggrieved party who is the victim of broken promises has remedies in law for breach of contract. A promise must be obtained for adequate consideration in order to result into a legally binding commitment as a contract.
Promises for gifts are not enforceable as contracts due to absence of consideration.
However, in cases where believing in, relying on and acting upon any promise, not considered as contract, the other party has changed his position to his detriment and prejudice; such assurance may be enforced.
State statutory law, common (judge made) law and private law govern contracts. Private law, agreed upon by the parties may prevail over the provisions of statutory or common law. Under state law certain contracts must be in writing or must be executed under specified formalities. Otherwise without any signed written document parties can enter into a binding agreement.
The Uniform Commercial Code, which has been adopted in most of the states, represents a body of statutory law that regulates important categories of contracts. The main articles on law of contracts are Article 1(General Provisions) and Article 2 (Sales).
