Contract Law
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From Wikipedia, the free
encyclopedia In law, a
contract is a binding legal agreement that is enforceable in a court of
law[1] or by binding arbitration. That is to say, a contract is an exchange
of promises with a specific remedy for breach.
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Agreement is said to be reached when an offer
capable of immediate acceptance is met with a "mirror image" acceptance (ie,
an unqualified acceptance). The parties must have the necessary capacity to
contract and the contract must not be either trifling, indeterminate,
impossible, or illegal. Contract law is based on the principle expressed in
the Latin phrase pacta sunt servanda (usually translated "pacts must be
kept", but more literally "agreements are to be kept").[2] Breach of
contract is recognized by the law and remedies can be provided.
As long as the good or service provided is legal, any oral agreement between
two parties can constitute a binding legal contract. The practical
limitation to this, however, is that only parties to a written agreement
have material evidence (the written contract itself) to prove the actual
terms uttered at the time the agreement was struck. In daily life, most
contracts can be and are made orally, such as purchasing a book or a
sandwich. Sometimes written contracts are required by either the parties, or
by statutory law within various jurisdiction for certain types of agreement,
for example when buying a house[3] or land.
Contract law can be classified, as is habitual in civil law systems, as part
of a general law of obligations (along with tort, unjust enrichment or
restitution).
According to legal scholar Sir John William Salmond, a contract is "an
agreement creating and defining the obligations between two or more
parties".
As a means of economic ordering, contract relies on the notion of consensual
exchange and has been extensively discussed in broader economic,
sociological and anthropological terms (see "Contractual theory", below). In
American English, the term extends beyond the legal meaning to encompass a
broader category of agreements.[4]
This article mainly concerns contract law in common law jurisdictions
(approximately coincident with the English-speaking world and anywhere the
British Empire once held sway). However, contract is a form of economic
ordering common throughout the world, and different rules apply in
jurisdictions applying civil law (derived from Roman law principles),
Islamic law, socialist legal systems, and customary or local law. |
More related links about
Contract Law
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The general
law of
contract in
Pakistan is contained in the
Contract Act
1872. English decision's (where relevant) are also cited in the courts.
...
www.vakilno1.com/saarclaw/.../lawofcontract/law_of_contract_in_pakistan.htm
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Contract Law
contains the basic texts and contrasting cases as well as extracts from
the various international restatements (Vienna Sales Convention, ...
www.casebooks.eu/contract/ -
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The Supreme Court has had little impact on
contract law, a
fact largely ... Even at the peak of its influence on
contract law, the
Court tended to hear ...
www.answers.com/topic/contract -
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Construction
Contract Law
covers the essentials of this key subject. In clear and accessible
language it looks at how the law has developed, the reasoning ...
www.palgrave.com/Products/title.aspx?PID=278892
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Principles of European Insurance
Contract Law: A
Model Optional Instrument for the Single Insurance Market on 22 January
2010 ...
www.restatement.info/ -
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Mindy Chen-Wishart - 2007
- Law - 700 pages
Online Resource Centre For Students * Updates * Web links to key cases
and legislation * Guidance to textbook questions * Two additional
chapters
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