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5
Contracts
A contract is a legally-binding agreement which recognises and governs the rights and
duties of the parties to the agreement. A contract is legally enforceable because it meets the
requirements and approval of the law. An agreement typically involves the exchange of
goods, services, money, or promises of any of those. In the event of breach of
contract, the law awards the injured party access to legal remedies such as damages and
cancellation.[2]
In the Anglo-American common law, formation of a contract generally requires an offer,
acceptance, consideration, and a mutual intent to be bound. Each party must
have capacity to enter the contract.[3] Although most oral contracts are binding, some types of
contracts may require formalities such as being in writing or by deed.[4]
In the civil law tradition, contract law is a branch of the law of obligations.[5]