Civil law jurisdictions share the inheritance of Roman law, but the canon law idea of pacta sunt servanda (‘promises ought to be obeyed’) has had a considerable influence. contract the branch of the law of obligations that deals with obligations voluntarily assumed. (See: consideration, contract of adhesion, unilateral contract, bilateral contract, oral contract)Ĭopyright © 1981-2005 by Gerald N. Contracts for illegal purposes are not enforceable at law. Parties can contract to supply all another's requirements, buy all the products made, or enter into an option to renew a contract. There are a variety of types of contracts: "conditional" on an event occurring "joint and several," in which several parties make a joint promise to perform, but each is responsible "implied," in which the courts will determine there is a contract based on the circumstances.
Pterm for person entering a contract series#
In some cases a contract can consist of several documents, such as a series of letters, orders, offers and counteroffers. Contracts can be either written or oral, but oral contracts are more difficult to prove and in most jurisdictions the time to sue on the contract is shorter (such as two years for oral compared to four years for written). (I promise to fix your car by Thursday and you promise to pay $500 on Thursday). A bilateral contract is one in which a promise is exchanged for a promise. (I will pay you $500 to fix my car by Thursday the performance is fixing the car by that date). A unilateral contract is one in which there is a promise to pay or give other consideration in return for actual performance.
The existence of a contract requires finding the following factual elements: a) an offer b) an acceptance of that offer which results in a meeting of the minds c) a promise to perform d) a valuable consideration (which can be a promise or payment in some form) e) a time or event when performance must be made (meet commitments) f) terms and conditions for performance, including fulfilling promises g) performance. Since the law of contracts is at the heart of most business dealings, it is one of the three or four most significant areas of legal concern and can involve variations on circumstances and complexities. an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration.
0 kommentar(er)
