Practical Concepts in Contract Law
Ehsan Zar Rokh
University of Tehran
September 23, 2007
A contract is a legally binding exchange of promises or agreement between parties that the law will enforce. Contract law is based on the Latin phrase pacta sunt servanda (literally, promises must be kept). Breach of a contract is recognised by the law and remedies can be provided. Almost everyone makes contracts everyday. Sometimes written contracts are required, e.g., when buying a house. However the vast majority of contracts can be and are made orally, like buying a law text book, or a coffee at a shop. Contract law can be classified, as is habitual in civil law systems, as part of a general law of obligations (along with tort, unjust enrichment or restitution).
Number of Pages in PDF File: 94
Keywords: contract, important concepts, legal analyse, comparativeworking papers series
Date posted: September 25, 2007
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