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Practical concepts in Contract Law

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  • Ehsan, zarrokh
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    Abstract

    A contract is a legally binding exchange of promises or agreement between parties that the law will enforce. Contract law is based on the Latin phrase pacta sunt servanda (literally, promises must be kept) [1]. Breach of a contract is recognised by the law and remedies can be provided. Almost everyone makes contracts everyday. Sometimes written contracts are required, e.g., when buying a house [2]. However the vast majority of contracts can be and are made orally, like buying a law text book, or a coffee at a shop. 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).

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    File URL: http://mpra.ub.uni-muenchen.de/10077/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 10077.

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    Date of creation: 14 Aug 2008
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    Handle: RePEc:pra:mprapa:10077

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    Keywords: contract; important concepts; legal analyse; comparative;

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