Chapter 3 of the book “Economic Law” talks about the different types of contracts and their legal implications. Contracts are agreements between two or more parties that are legally binding. The chapter explains the importance of understanding the terms and conditions of a contract before signing it. It also discusses the different types of contracts such as sales contracts, lease contracts, and employment contracts. The chapter emphasizes the need for parties to fulfill their obligations under the contract and the consequences of breaching the terms of the contract. It also highlights the role of the court in enforcing contracts and resolving disputes between parties. Overall, the chapter provides a basic understanding of contracts and their legal significance in business transactions.