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Practical concepts in Contract Law

Author

Listed:
  • Ehsan, zarrokh

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).

Suggested Citation

  • Ehsan, zarrokh, 2008. "Practical concepts in Contract Law," MPRA Paper 10077, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:10077
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    File URL: https://mpra.ub.uni-muenchen.de/10077/1/MPRA_paper_10077.pdf
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    More about this item

    Keywords

    contract; important concepts; legal analyse; comparative;

    JEL classification:

    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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