Plain-English Explanation
Contract rights allow parties to make and enforce agreements. The Contracts Clause prohibits states from passing laws that impair existing contracts, and general contract law (largely state common law) governs formation and enforcement.
Relevant Provision
U.S. Const. art. I, § 10 (Contracts Clause); state contract law.
Relevant Decisions
Home Building & Loan Assn. v. Blaisdell
290 U.S. 398 (1934)
Held that the Contracts Clause is not absolute; states may impair contracts in emergency conditions if reasonable.