Definitions of Contract and Contract Law

Definitions of Contract and Contract Law

1.Definition of Contract

The common law countries stress the contract as a kind of" promise" ,the civil law coun­tries concern on the" agreement between the parties. "

A contract is defined as" an agreement to do or abstain from doing some act,intended to give rise to legal relations," or" a promise or a set of promises which the law will enforce. "

The Restatement Second of Contracts § 1 in the United States defines a contract as" a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. "

Black’s Law Dictionary defines a contract" an agreement between two or more parties crea­ting obligations that are enforceable or otherwise recognizable at law, (a binding contract) ;the writing that sets forth such an agreement (a contract is valid if valid under the law of the resi­dence of the party wishing to enforce the contract). "

The nature of contract, under civil law, is a" meeting of minds" or" mutual assent. "Article 1101 of" French Civil Code" states;" Contract is a mutual assent with which one person or more is obligated to give a thing,to do or not to do a thing to one person or more persons. "

2.Definition of Contract Law

Both questions are of fundamental importance, but it is surprisingly difficult to give a de­finitive answer to either. Contract law is most obviously the law relating to agreements or promi­ses. As we shall see,it is primarily concerned with promises which constitute part of an agreed exchange,and it governs such questions as" which agreements the law will enforce?"" What ob­ligations are imposed by the agreement in question?" and" what remedies are available if the ob­ligations are not performed?" Thus the answer to the first question might be that contract law is the law based on liability for breach of promise. .