Contract

contract lawcontractsagreementcontractingcontractuallegally bindingcontractual agreementunilateral contractagreementsconcession
A contract is a legally binding agreement that recognises and governs the rights and duties of the parties to the agreement.wikipedia
2,470 Related Articles

Statute of frauds

formalitiesStatutes of fraud
Although most oral contracts are binding, some types of contracts may require formalities such as being in writing or by deed. Typically, contracts are oral or written, but written contracts have typically been preferred in common law legal systems; in 1677 England passed the Statute of Frauds which influenced similar statute of frauds laws in the United States and other countries such as Australia.
The statute of frauds refers to the requirement that certain kinds of contracts be memorialized in writing, signed by the party to be charged, with sufficient content to evidence the contract.

Meeting of the minds

consensus ad idemMutual assentmeeting of minds
In order for a contract to be formed, the parties must reach mutual assent (also called a meeting of the minds).
Meeting of the minds (also referred to as mutual agreement, mutual assent or consensus ad idem) is a phrase in contract law used to describe the intentions of the parties forming the contract.

Intention to create legal relations

intention to be legally boundCreation of legal relations in English lawSimpkins v Pays
In the Anglo-American common law, formation of a contract generally requires an offer, acceptance, consideration, and mutual intent to be bound.
Intention to create legal relations', otherwise "intention to be legally bound", is a doctrine used in contract law, particularly English contract law and related common law jurisdictions.

Gentlemen's agreement

gentleman's agreementhandshake agreementgentlemen’s agreement
A so-called gentlemen's agreement is one which is not intended to be legally enforceable, and "binding in honour only".
It is, therefore, distinct from a legal agreement or contract.

Mirror image rule

of one mind
This is typically reached through offer and an acceptance which does not vary the offer's terms, which is known as the "mirror image rule".
In the law of contracts, the mirror image rule, also referred to as an unequivocal and absolute acceptance requirement, states that an offer must be accepted exactly with no modifications.

Consideration

Valuable considerationnominal considerationdetriment
In the Anglo-American common law, formation of a contract generally requires an offer, acceptance, consideration, and mutual intent to be bound.
Consideration may be thought of as the concept of value offered and accepted by people or organisations entering into contracts.

Unjust enrichment

unjustly enrichedunjustified enrichmentprofusion
A contract which is implied in law is also called a quasi-contract, because it is not in fact a contract; rather, it is a means for the courts to remedy situations in which one party would be unjustly enriched were he or she not required to compensate the other.
In contract law, unjust enrichment occurs when one person is enriched at the expense of another in circumstances that the law sees as unjust.

Promise

commitmentpledgecommit
A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other.
In the law of contract, an exchange of promises is usually held to be legally enforceable, according to the Latin maxim pacta sunt servanda.

Deed

sanadtitle deedtitle deeds
Although most oral contracts are binding, some types of contracts may require formalities such as being in writing or by deed.
Deeds include conveyances, commissions, licenses, patents, diplomas, and conditionally powers of attorney if executed as deeds.

Invitation to treat

Invitatio ad offerenduminvitations to treatinvitation to negotiate
Where something is advertised in a newspaper or on a poster, the advertisement will not normally constitute an offer but will instead be an invitation to treat, an indication that one or both parties are prepared to negotiate a deal.
An invitation to treat (or invitation to bargain in the United States) is a concept within contract law which comes from the Latin phrase invitatio ad offerendum, meaning "inviting an offer".

Offer and acceptance

offeracceptancecontract formation
In the Anglo-American common law, formation of a contract generally requires an offer, acceptance, consideration, and mutual intent to be bound.
Offer and acceptance analysis is a traditional approach in contract law.

Civil law (legal system)

civil lawcivilcivil law system
In the civil law tradition, contract law is a branch of the law of obligations.
The Justinian Code's doctrines provided a sophisticated model for contracts, rules of procedure, family law, wills, and a strong monarchical constitutional system.

Quantum meruit

based upon the "merit" of the servicequantum
Quantum meruit claims are an example.
In the context of contract law, it means something along the lines of "reasonable value of services".

Reasonable person

reasonablenessreasonablereasonable man
As a court cannot read minds, the intent of the parties is interpreted objectively from the perspective of a reasonable person, as determined in the early English case of Smith v Hughes [1871].
The standard is also used in contract law, to determine contractual intent, or (when there is a duty of care) whether there has been a breach of the standard of care.

Rose & Frank Co v JR Crompton & Bros Ltd

Rose & Frank v Crompton
For example, in Rose & Frank Co v JR Crompton & Bros Ltd, an agreement between two business parties was not enforced because an "honour clause" in the document stated "this is not a commercial or legal agreement, but is only a statement of the intention of the parties".
Rose & Frank Co v JR Crompton & Bros Ltd [1924] UKHL 2 is a leading decision on English contract law, regarding the intention to create legal relations in commercial arrangements.

Breach of contract

breachbreachedbreach-of-contract
For example, John Smith, a former lawyer may implicitly enter a contract by visiting a doctor and being examined; if the patient refuses to pay after being examined, the patient has breached a contract implied in fact.
Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance.

Law of obligations

obligationobligationslegal obligation
In the civil law tradition, contract law is a branch of the law of obligations.
He further separates the law of obligations into contracts, delicts, quasi-contracts, and quasi-delicts.

Accord and satisfaction

satisfactionsatisfaction and release of judgment
An exception to the rule of adequacy is money, whereby a debt must always be paid in full for "accord and satisfaction".
Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation.

Statute of Frauds

Statute of Frauds 1677
Typically, contracts are oral or written, but written contracts have typically been preferred in common law legal systems; in 1677 England passed the Statute of Frauds which influenced similar statute of frauds laws in the United States and other countries such as Australia.
It required that certain types of contracts, wills, and grants, and assignment or surrender of leases or interest in real property must be in writing and signed to avoid fraud on the court by perjury and subornation of perjury.

Hamer v. Sidway

Hamer v Sidway
In the United States, the emphasis has shifted to the process of bargaining as exemplified by Hamer v. Sidway (1891).
Hamer v. Sidway is an important case in American contract law which established that forbearance of legal rights (voluntarily abstaining from one's legal rights) on promises of future benefit made by other parties can constitute valid consideration (the element of exchange generally needed to establish a contract's enforceability in common law systems), and, in addition, that unilateral contracts (those that benefit only one party) were valid under New York law.

Specific performance

specifically enforcedorder of specific performanceperformance
The equitable remedy of specific performance, enforceable through an injunction, may be available if damages are insufficient.
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract.

Contractual term

terms and conditionsimplied termterms
A contractual term is "an[y] provision forming part of a contract".
Each term gives rise to a contractual obligation, breach of which can give rise to litigation.

Common law

common-lawcourts of common lawcommon
In the Anglo-American common law, formation of a contract generally requires an offer, acceptance, consideration, and mutual intent to be bound. Typically, contracts are oral or written, but written contracts have typically been preferred in common law legal systems; in 1677 England passed the Statute of Frauds which influenced similar statute of frauds laws in the United States and other countries such as Australia.
For example, in England and Wales, in English Canada, and in most states of the United States, the basic law of contracts, torts and property do not exist in statute, but only in common law (though there may be isolated modifications enacted by statute).

Oral contract

oral agreementverbal agreementverbal contract
An oral contract may also be called a parol contract or a verbal contract, with "verbal" meaning "spoken" rather than "in words", an established usage in British English with regards to contracts and agreements, and common although somewhat deprecated as "loose" in American English.
An oral contract is a contract, the terms of which have been agreed by spoken communication.

Warranty

warrantiesbreach of warrantylifetime warranty
English (but not necessarily non-English) common law distinguishes between important conditions and warranties, with a breach of a condition by one party allowing the other to repudiate and be discharged while a warranty allows for remedies and damages but not complete discharge.
In contract law, a warranty is a promise which is not a condition of the contract or an innominate term: (1) it is a term "not going to the root of the contract", and (2) which only entitles the innocent party to damages if it is breached : i.e. the warranty is not true or the defaulting party does not perform the contract in accordance with the terms of the warranty.