contract
Sign in to saveA contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a t
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A contract is a legally enforceable agreement between two or more parties that specifies their rights and obligations, typically involving the transfer of goods, services, or money—either now or in the future. If one party breaks the contract, the other party can take the matter to court to seek remedies like financial compensation or to force the other party to fulfill their obligations.
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Article
76 sectionsContents
- Overview
- History
- Common law contracts
- Formation
- Offer, acceptance, and invitation to treat
- Consideration
- Rules applicable to consideration
- Criticism
- Written and oral contracts
- Certainty, completeness, and intention of parties
- Conditions, warranties, and representations
- Capacity
- Implied terms
- Contract transition
- Performance
- Remedies
- Damages
- Specific relief
- Defences
- Misrepresentation
- Mistake
- Threats and unequal bargaining power
- Illegal contracts
- Force majeure
- Hardship
- Set-off
- Contracts in other jurisdictions
- Principles
- Formation and validity
- Remedies
- Historical civil-law traditions
- French contract law
- Quebec contract law
- Roman-Dutch contract law
- Scots contract law
- Modern civil- and mixed-law jurisdictions
- Chinese contract law
- Taiwan
- People's Republic of China
- South Korean contract law
- Japanese contract law
- Philippine contract law
- Swiss contract law
- Islamic law
- Convention on Contracts for the International Sale of Goods
- Contracts across jurisdictions
- Assignment
- Procedure and choice of law
- Forum selection clauses
- Choice of court
- Arbitration
- United States
- Singapore
- Mediation and negotiation
- Recognition of offshore judgments
- Types of contracts
- Contract theory
- Electronic contracts
- Smart contracts
- Consumer contracts
- Standard form contracts
- Canada
- Argentina
- United Kingdom
- Construction contracts
- Freight and transport contracts
- Federal government contract types
- Contemporary developments in contracting
- Visual contracting
- Fairer contracting and responsible contractual behaviour
- Gallery
- By country
- Notes
- References
- Further reading
- External links
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance 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 honoured. 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, whereas civil and most mixed-law jurisdictions solely require a meeting of the minds between the parties.