Contract law
Contract Law
Contract law (/ˈkɒntrækt lɔː/) is a body of law that governs, enforces, and interprets agreements related to an exchange of goods, services, properties, or money. According to contract theory, contract law involves a contractual agreement between two or more parties with the intention of creating a legal obligation.
Etymology
The term "contract" comes from the Latin contractus, which means "drawn together" or "tightened". This refers to the idea that each party to the contract is bound by the terms set out in the agreement.
Related Terms
- Agreement: An arrangement between parties regarding a course of action.
- Breach of contract: A legal cause of action in which a binding agreement is not honored by one or more of the parties.
- Consideration: Something of value given by both parties to a contract that induces them to enter into the agreement.
- Damages: A sum of money awarded in compensation for a loss or an injury.
- Enforceability: A term used to describe whether a contract is legally binding.
- Offer and acceptance: The two components of a valid contract.
- Void and voidable contracts: Contracts that cannot be enforced or can be rejected at the option of one of the parties.
See Also
External links
- Medical encyclopedia article on Contract law
- Wikipedia's article - Contract law
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