Contract

A contract is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation, which may have elements in writing, though contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific performance of the contract or an injunction. Both of these remedies award the party at loss the "benefit of the bargain" or expectation damages, which are greater than mere reliance damages, as in promissory estoppel. The parties may be natural persons or juristic persons. A contract is a legally enforceable promise or undertaking that something will or will not occur. The word promise can be used as a legal synonym for contract., although care is required as a promise may not have the full standing of a contract, as when it is an agreement without consideration.

Contract law varies greatly from one jurisdiction to another, including differences in common law compared to civil law, the impact of received law, particularly from England in common law countries, and of law codified in regional legislation. Regarding Australian Contract Law for example, there are 40 relevant acts which impact on the interpretation of contract at the Commonwealth (Federal / national) level, and an additional 26 acts at the level of the state of NSW. In addition there are 6 international instruments or conventions which are applicable for international dealings, such as the United Nations Convention on Contracts for the International Sale of Goods (Vienna Sales Convention)

Read more about Contract:  Origin and Scope, Elements, Formation, Affirmative Defenses, Bilateral and Unilateral Contracts, Uncertainty, Incompleteness and Severance, Contractual Terms, Setting Aside The Contract, Other Contract, Contract Theory

Other articles related to "contract, contracts":

Illusory Promise
... In contract law, an illusory promise is one that courts will not enforce ... This is in contrast with a contract, which is a promise that courts will enforce ... because they merely hold the illusion of contract ...
Ivica Mornar - Club Career
... The player was offered a new two-year contract by Anderlecht, but opted to move across the English channel to Portsmouth ... as manager in December 2005 it looked as though Mornar's contract would be allowed to expire the next Summer ...
Huawei - History - International Expansion
... In 1997, Huawei won its first overseas contract, providing fixed-line network products to Hong Kong company Hutchison Whampoa ... In 2004 Huawei continued its overseas expansion with a contract to build a third-generation network for Telfort, the Dutch mobile operator ... This contract, valued at more than $US25 million, was the first such contract for the company in Europe ...
Jim Flaherty - Federal Politics - Department of Finance Contracts Questioned
... Despite Treasury Board rules requiring a bidding process for contracts of $25,000 or more, Flaherty admitted his office broke government contracting rules in hiring MacPhie ... MacPhie Company was awarded the $122,000 contract without tender by Flaherty's office ... General Sheila Fraser to conduct an audit into the untendered contract awarded by Minister of Finance Jim Flaherty to MacPhie Company for work done in advance of the 2007 ...
Option Contract
... An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer." Restatement (Second) of ... An option contract is a type of contract that protects an offeree from an offeror's ability to revoke the contract ... Consideration for the option contract is still required as it is still a form of contract ...

Famous quotes containing the word contract:

    The way in which men cling to old institutions after the life has departed out of them, and out of themselves, reminds me of those monkeys which cling by their tails—aye, whose tails contract about the limbs, even the dead limbs, of the forest, and they hang suspended beyond the hunter’s reach long after they are dead. It is of no use to argue with such men. They have not an apprehensive intellect, but merely, as it were a prehensile tail.
    Henry David Thoreau (1817–1862)

    A good businessman never makes a contract unless he’s sure he can carry it through, yet every fool on earth is perfectly willing to sign a marriage contract without considering whether he can live up to it or not.
    Dalton Trumbo (1905–1976)

    Smoking ... is downright dangerous. Most people who smoke will eventually contract a fatal disease and die. But they don’t brag about it, do they? Most people who ski, play professional football or drive race cars, will not die—at least not in the act—and yet they are the ones with the glamorous images, the expensive equipment and the mythic proportions. Why this should be I cannot say, unless it is simply that the average American does not know a daredevil when he sees one.
    Fran Lebowitz (b. 1950)