Contractual Law


A contract is an agreement, based on consensus between legal subjects with contractual capacity, which is legal, physically possible and complies with the prescribed formalities and which is reached with the intention of creating a legal obligation with resultant rights and duties.


The law of contract is the body of legal rules governing the conclusion and consequences of contracts.


It defines the basis and requirements of contractual liability, as well as the rights and duties of the parties. Moreover, it regulates the breach of contract and provides remedies for such breach. Finally, it governs the termination of contractual obligations.


Requirements:

  • Consensus: The parties must reach conscious agreement, with a genuine concurrent intention.
  • Contractual capacity: The parties must be legally capable of concluding a binding contract.
  • Legality: The contract must be legal and may not contradict any statutory or common law rule.
  • Physical possibility: The performance must be determinable and possible at time of conclusion.
  • Formalities: The contract must abide by any formalities set by law or by the parties themselves.

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