"A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties."
Legal agreements that determine the terms and conditions of business transactions.
Offer and Acceptance: The process by which parties exchange promises to form a legally binding agreement.
Consideration: The exchange of something of value between parties that is mutually beneficial.
Capacity: The legal ability of each party to enter into a contract.
Legality: The requirement that a contract's purpose is not against the law.
Statute of Frauds: A law that requires certain contracts to be in writing to be enforceable.
Breach of Contract: When a party fails to fulfill their obligations under a contract.
Remedies for Breach: The options available to the injured party in the event of a breach of contract.
Types of Contracts: The various forms of contracts that can exist, including express contracts, implied contracts, and quasi-contracts.
Interpretation of Contracts: The process of determining what the terms of a contract mean.
Discharge of Contracts: The ways in which a contract may be terminated.
Third-Party Beneficiaries: Individuals who are not a party to a contract but who benefit from its provisions.
Assignment and Delegation: The transfer of a party's obligations or rights to another.
Damages: The compensation awarded to a party as a result of breach of contract.
Specific Performance: A court order requiring a party to fulfill their obligations under a contract.
Waiver and Estoppel: The ability to voluntarily give up or be prevented from enforcing a legal right.
Express Contract: An express contract is a written or oral agreement in which the parties themselves spell out its terms and conditions.
Implied Contract: An implied contract is one in which the parties' intentions are inferred from their behavior rather than from their words.
Quasi Contract: A quasi contract is an obligation created by law to prevent the unjust enrichment of one party at the expense of another.
Unilateral Contract: A unilateral contract is one in which only one party gives a promise that must be fulfilled if a certain act is performed by the other party.
Bilateral Contract: A bilateral contract is one in which both parties make promises to one another.
Executed Contract: An executed contract is one in which all parties have completed their duties and obligations as specified in the contract.
Executory Contract: An executory contract is one in which some or all of the duties and obligations under the contract have not yet been performed.
Valid Contract: A valid contract is one that meets all the legal requirements for enforceability, including capacity, agreement, consideration, and legality.
Unenforceable Contract: An unenforceable contract is one that cannot be enforced by a court of law or equity, even though it may have been validly formed.
Void Contract: A void contract is one that is completely without legal effect from the beginning, and neither party can enforce it.
Voidable Contract: A voidable contract is one that can be legally avoided or canceled by one or both of the parties.
Option Contract: An option contract is one in which one party pays consideration for the right to enter into a contract at a later time, but is not obligated to do so.
Aleatory Contract: An aleatory contract is one in which the performance of one or both parties depends on the occurrence of an uncertain event, such as a natural disaster.
Conditional Contract: A conditional contract is one in which the performance of one or both parties depends on the occurrence of a specified condition.
Time and Materials Contract: A time and materials contract is one in which the price is based on the time spent on the project and the cost of the materials used.
Fixed Price Contract: A fixed price contract is one in which the price is agreed upon in advance and does not change regardless of the actual cost incurred.
Cost Plus Contract: A cost plus contract is one in which the price is based on the actual cost of the project plus a fee or percentage for the contractor's profit.
Design-Build Contract: A design-build contract is one in which the contractor is responsible for both designing and constructing the project.
Joint Venture Contract: A joint venture contract is one in which two or more parties come together to work on a specific project or business venture.
Partnership Contract: A partnership contract is one in which two or more parties agree to join together to conduct a business venture for profit.
"A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date."
"In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission."
"A binding agreement between actors in international law is known as a treaty."
"Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honored."
"Like other areas of private law, contract law varies between jurisdictions."
"Common law jurisdictions typically require contracts to include consideration in order to be valid."
"Civil and most mixed-law jurisdictions solely require a meeting of the minds between the parties."
"The German tradition is characterized by the unique doctrine of abstraction."
"Systems based on the Napoleonic Code are characterized by their systematic distinction between different types of contracts."
"Roman-Dutch law is largely based on the writings of renaissance-era Dutch jurists and case law applying general principles of Roman law prior to the Netherlands' adoption of the Napoleonic Code."
"The UNIDROIT Principles of International Commercial Contracts ... aim to provide a general harmonized framework for international contracts, independent of the divergences between national laws."
"The Principles reject the doctrine of consideration."
"The Principles also rejected the abstraction principle on the grounds that it and similar doctrines are 'not easily compatible with modern business perceptions and practice'."
"Tort law (also referred to in some jurisdictions as the law of delicts) is the other major area of the law of obligations."
"While tort law generally deals with private duties and obligations that exist by operation of law, and provide remedies for civil wrongs committed between individuals not in a pre-existing legal relationship, contract law provides for the creation and enforcement of duties and obligations through a prior agreement between parties."
"The emergence of quasi-contracts, quasi-torts, and quasi-delicts renders the boundary between tort and contract law somewhat uncertain."