"A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties."
Covers the laws involved in creating and enforcing agreements between parties, including the elements of a contract, types of contracts, and breach of contract.
Offer and acceptance: This refers to how a contract is formed. An offer is made by one party, and the other party accepts it.
Consideration: This refers to the exchange of something of value between the two parties. For example, if one party agrees to pay the other party a certain amount of money for a service, the payment is the consideration.
Capacity to contract: This refers to the legal ability of a person to enter into a contract. For example, minors and people with mental disabilities may not have the capacity to contract.
Lawful purpose: A contract must be for a lawful purpose. Contracts for illegal activities are not enforceable.
Performance and breach: This refers to the actions of the parties after the contract is formed. If one party fails to fulfill their obligations as outlined in the contract, it is a breach.
Remedies for breach: This refers to the options available to the non-breaching party for compensation or resolution of the breach.
Statute of frauds: This refers to the requirement that certain types of contracts be in writing to be enforceable.
Third-party beneficiaries: This refers to situations where a third party is not part of the contract, but is still affected by the terms of the contract.
Assignment and delegation: This refers to the ability of the parties to transfer or delegate their obligations under the contract.
Impossibility of performance: This refers to situations where the contract cannot be fulfilled due to unforeseen circumstances, such as natural disasters or death.
Sale contract: A sale contract is a legal agreement between two parties, where one party agrees to purchase goods or services from the other party in exchange for payment.
Lease contract: A lease contract is a legal agreement between two parties, where one party agrees to rent out a property or asset to the other party for an agreed period of time.
Employment contract: An employment contract is a legal agreement between an employer and an employee, where the employer agrees to hire the employee to perform specific tasks or services in exchange for payment.
Partnership contract: A partnership contract is a legal agreement between two or more parties, where they agree to work together to carry out a business and share any profits or losses.
Service contract: A service contract is a legal agreement between two parties, where one party agrees to provide a specific service to the other party in exchange for payment.
Franchise contract: A franchise contract is a legal agreement between two parties, where the franchisor allows the franchisee to use their brand name, products, and services in exchange for payment.
Loan contract: A loan contract is a legal agreement between two parties, where one party agrees to lend a specific amount of money to the other party and the other party agrees to pay back the money with interest over an agreed period of time.
Distribution contract: A distribution contract is a legal agreement between a manufacturer and a distributor, where the manufacturer agrees to provide their products to the distributor for sale to the end customers.
Intellectual property contract: An intellectual property contract is a legal agreement between two parties, where one party agrees to license their intellectual property (such as patents, trademarks, or copyrights) to the other party in exchange for payment.
Construction contract: A construction contract is a legal agreement between a property owner and a contractor, where the contractor agrees to build or renovate a property for the owner within an agreed timeframe and budget.
"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."