"A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date."
Contract law pertains to agreements made between parties that are binding and enforceable under the law.
Offer and Acceptance: The process of one party presenting a proposal to another party and that party agreeing to the terms and conditions.
Consideration: The exchange of something of value between parties to a contract. It can be monetary or non-monetary.
Capacity: The legal ability of a person or company to enter into a contract. This includes age, mental capacity, and authority.
Legality: The requirement that the subject matter of a contract must be legal in order for the contract to be enforceable.
Intention to Create Legal Relations: The understanding that both parties to a contract intend to be bound by the terms of the agreement.
Express Terms: The specific terms and conditions that are agreed upon and stated in the contract.
Implied Terms: The terms that are considered to be part of the contract, even if they are not explicitly stated.
Conditions, Warranties and Innominate Terms: The different types of terms that can be included in a contract, depending on their importance and impact on the agreement.
Breach of Contract: The failure of one party to fulfill their obligations under the contract.
Remedies: The various methods of resolving disputes and enforcing contracts, including damages, specific performance, and injunctions.
"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. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elements of both common and civil law."
"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."
"Within the overarching category of civil law jurisdictions, there are several distinct varieties of contract law with their own distinct criteria."
"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, published in 2016, aim to provide a general harmonized framework for international contracts...as well as a statement of common contractual principles for arbitrators and judges to apply where national laws are lacking."
"Notably, the Principles reject the doctrine of consideration, arguing that elimination of the doctrine 'bring[s] about greater certainty and reduce litigation' in international trade."
"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'."
"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."