Changes

==Etymology==

==Etymology==

[https://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English], from Anglo-French, from [[Latin]] contractus, from contrahere to draw [[together]], make a contract, reduce in size, from com- + trahere to draw

[https://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English], from Anglo-French, from [[Latin]] contractus, from contrahere to draw [[together]], make a contract, reduce in size, from com- + trahere to draw

*[http://en.wikipedia.org/wiki/14th_Century 14th century]

*[https://en.wikipedia.org/wiki/14th_Century 14th century]

==Definitions==

==Definitions==

*1a : a binding [[agreement]] between two or more [[persons]] or parties; especially : one legally enforceable   

*1a : a binding [[agreement]] between two or more [[persons]] or parties; especially : one legally enforceable   

In [[law]], a '''contract''' is a legally binding [[agreement]] between two or more parties which, if it contains the elements of a valid legal agreement, is enforceable by law or by binding [[arbitration]]. A legally enforceable contract is an exchange of [[promises]] with specific legal remedies for breach. These can include [[compensatory]] remedy, whereby the defaulting party is required to pay [[monies]] that would otherwise have been exchanged were the contract honoured, or an Equitable remedy such as Specific Performance, in which the [[person]] who entered into the contract is required to carry out the specific [[action]] they have reneged upon.

In [[law]], a '''contract''' is a legally binding [[agreement]] between two or more parties which, if it contains the elements of a valid legal agreement, is enforceable by law or by binding [[arbitration]]. A legally enforceable contract is an exchange of [[promises]] with specific legal remedies for breach. These can include [[compensatory]] remedy, whereby the defaulting party is required to pay [[monies]] that would otherwise have been exchanged were the contract honoured, or an Equitable remedy such as Specific Performance, in which the [[person]] who entered into the contract is required to carry out the specific [[action]] they have reneged upon.

[[Agreement]] is said to be reached when an offer capable of [[immediate]] [[acceptance]] is met with a "mirror image" acceptance (i.e., 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 [http://en.wikipedia.org/wiki/Pacta_sunt_servanda pacta sunt servanda] (usually [[translated]] "agreements are to be kept", but more [[literally]] "pacts must be kept"). Breach of contract is recognized by the law and remedies can be provided.

[[Agreement]] is said to be reached when an offer capable of [[immediate]] [[acceptance]] is met with a "mirror image" acceptance (i.e., 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 [https://en.wikipedia.org/wiki/Pacta_sunt_servanda pacta sunt servanda] (usually [[translated]] "agreements are to be kept", but more [[literally]] "pacts must be kept"). 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 generally 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[4] or land.

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 generally 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[4] or land.

Contract law can be classified, as is habitual in [http://en.wikipedia.org/wiki/Civil_law_(legal_system) civil law systems], as part of a general [http://en.wikipedia.org/wiki/Law_of_obligations law of obligations] (along with [http://en.wikipedia.org/wiki/Tort tort], unjust enrichment or restitution).

Contract law can be classified, as is habitual in [https://en.wikipedia.org/wiki/Civil_law_(legal_system) civil law systems], as part of a general [https://en.wikipedia.org/wiki/Law_of_obligations law of obligations] (along with [https://en.wikipedia.org/wiki/Tort tort], unjust enrichment or restitution).

According to legal scholar [http://en.wikipedia.org/wiki/John_William_Salmond Sir John William Salmond], a contract is "an [[agreement]] creating and defining the [[obligations]] between two or more parties".

According to legal scholar [https://en.wikipedia.org/wiki/John_William_Salmond 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. In American [[English]], the term extends beyond the legal [[meaning]] to [[encompass]] a broader category of agreements.[http://en.wikipedia.org/wiki/Contract]

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. In American [[English]], the term extends beyond the legal [[meaning]] to [[encompass]] a broader category of agreements.[https://en.wikipedia.org/wiki/Contract]

==See also==

==See also==

*[http://www.australiancontractlaw.com Australian Contract Law]

*[https://www.australiancontractlaw.com Australian Contract Law]

*[http://moodle.ed.uiuc.edu/wiked/index.php/Behavioral_contracting Behavioral Contracting in the Classroom]

*[https://moodle.ed.uiuc.edu/wiked/index.php/Behavioral_contracting Behavioral Contracting in the Classroom]

*[http://www.legalmax.info Contract Law Lessons & Materials by Max Young]

*[https://www.legalmax.info Contract Law Lessons & Materials by Max Young]

*[http://www.law.cornell.edu/topics/contracts.html Cornell Law School] ''contracts: an overview''

*[https://www.law.cornell.edu/topics/contracts.html Cornell Law School] ''contracts: an overview''

*[http://www.jus.uio.no/lm/eu.contract.principles.part1.1995/ Principles of European Contract Law]

*[https://www.jus.uio.no/lm/eu.contract.principles.part1.1995/ Principles of European Contract Law]

*[http://www.tititudorancea.com/z/united_nations_convention_international_sale_goods.htm United Nations Convention on Contracts for the International Sale of Goods, Vienna, 11 April 1980]

*[https://www.tititudorancea.com/z/united_nations_convention_international_sale_goods.htm United Nations Convention on Contracts for the International Sale of Goods, Vienna, 11 April 1980]

[[Category: Law]]

[[Category: Law]]