Contract Agreement
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A Contract Agreement is a legal agreement that binds both legal parties (contracting-parties) to the stated terms under contract law.
- AKA: Legally-Enforceable Promises Made by One Party to Another, Legally Binding Agreement Concerning a Bargain.
- Context:
- It can (typically) contain a Contract Offer, Offer Acceptance, and Valid Consideration.
- It can (typically) be affected by Legal Contract Tasks, such as: contract drafting, contract understanding and contract review.
- It can (typically) serve to protect both parties by clearly defining rights and responsibilities.
- It can (typically) help to reduce the risk of unexpected problems or costs.
- It can (typically) ensure clear communication by providing a written record of the agreement.
- It can (often) be managed by a Contract Management Process.
- It can stipulate penalties for Breach of Contract.
- It can specify the Dispute Jurisdiction (and so be governed by specific jurisdictional law) and Applicable Law for contract-related disputes.
- It can be instantiated in a Contract Transaction.
- It can range from being an Organization-to-Organization Contractual Agreement to being a Organization-to-Person Contractual Agreement to being a Person-to-Person Contractual Agreement.
- It can range from being a Pre-Signed Contract to being a Active Signed Contract to being a Inactive Signed Contract.
- It can range from being a Valid Contractural Agreement to being an Invalid Contractual Agreement.
- It can range from being a Written Contract (with contract agreement content that follows a legal language) to being a Verbal Contract.
- It can range from a Two-Party Contract to being a Multi-Party Contract.
- It can range from a Simple Contract Agreement to being a Complex Contract Agreement.
- It can be an Intangible Asset.
- …
- Example(s):
- a Business Operations Contract, such as: Partnership Agreement, or a Master Service Agreement.
- a Commercial Transactions Contract, such as: Purchase Contract, a Financial Security, or an Advertisement Contract.
- a Real Estate Contracts, such as: Real Estate Purchase Agreement, office lease agreement.
- a Construction Contracts, such as: General Contractor Agreement.
- a Consulting and Professional Services Contract, such as: Consulting Agreement.
- a Education and Training Contract, such as: Tuition Agreement.
- a Employment and Human Resources Contract, such as: Employment Contract, Union Contract.
- a Entertainment and Media Contract, such as: Talent Representation Agreement.
- a Goods, Manufacturing, and Supply Chain Contract, such as: Supply Agreement.
- a Intellectual Property Contract, such as: Licensing Agreement.
- a Investment and Finance Contract, such as: Shareholders' Agreement.
- a Technology and Software Contract, such as: Software License Agreement.
- a Confidentiality Agreement, such as a Non-Disclosure Agreement.
- a Real-Estate Temporary Use Agreement, such as: a Commercial Lease Agreement, or a Vacation Rental Agreement.
- a Service Agreement, which ..., such as:
"ABC Company (Client) agrees to pay 123 LLC (Contractor) $500 per month for weekly lawn mowing at Client's office for 6 months from the date signed below. The Client can terminate with 30 days written notice. The Contractor shall indemnify the Client from liabilities related to the services.".
- a Loan Agreement, such as:
"John (Lender) agrees to loan Michael (Borrower) $500 to be repaid by March 30, 2023 without interest. The Lender can terminate and demand full repayment with 30 days notice. The Borrower agrees to indemnify the Lender for any costs incurred in collecting on a defaulted loan. Both parties shall indemnify each other in relation to a breach of this agreement.".
- a Vendor-Customer Agreement, such as: ...
- ...
- an Ancient Contract, such as one within The Nuzi Tablets (~1,400BC).
- ...
- Counter-Example(s):
- a Treaty, such as the Treaty of Versailles between nations.
- a Power of Attorney Agreement, permitting one person to act on another's behalf in legal matters.
- a Last Will and Testament, stipulating the distribution of an individual's assets after death.
- a Promissory Note Agreement, detailing a written promise to pay a definite sum of money.
- an Arbitration Agreement, committing to settle disputes through arbitration rather than court proceedings.
- a Medical Consent Form, acknowledging a person's agreement to undergo a specific medical procedure.
- See: Private Law, Law of Obligations, Business Law, Legal Relationship, Technical Document.
References
2023a
- (Open AI ChatGPT, 2023) ⇒ https://chat.openai.com
- A contractual agreement is a legal arrangement between two or more parties, known as the contracting parties, that outlines the terms and conditions under which they agree to interact with one another. This agreement is governed by contract law and is enforceable by law, provided that it fulfills specific requirements. The main elements of a valid contractual agreement include:
- . Offer: One party (the offeror) presents specific terms and conditions for an agreement.
- . Acceptance: The other party (the offeree) agrees to the terms and conditions presented by the offeror.
- . Consideration: Something of value is exchanged between the parties, such as goods, services, or a promise to perform or refrain from performing a certain action.
- . Mutual assent: Both parties genuinely and voluntarily agree to the terms and conditions of the contract, often referred to as a "meeting of the minds."
- . Capacity (Contract Law): Both parties must have the legal capacity to enter into the contract, which typically means they are of legal age and sound mind.
- . Legality (Contract Law): The contract's subject matter and terms must be legal and not contrary to public policy or any applicable laws and regulations.
- When these elements are present, a contractual agreement becomes a legally binding contract. The parties involved are obligated to fulfill their respective duties and responsibilities as outlined in the agreement. If one party breaches the contract, the non-breaching party may seek remedies under contract law, such as damages, specific performance, or contract termination.
- A contractual agreement is a legal arrangement between two or more parties, known as the contracting parties, that outlines the terms and conditions under which they agree to interact with one another. This agreement is governed by contract law and is enforceable by law, provided that it fulfills specific requirements. The main elements of a valid contractual agreement include:
2023b
- (Wikipedia, 2023b) ⇒ http://en.wikipedia.org/wiki/Category:Contract_law
- A contract is a legally-enforceable promise or set of promises made by one party to another.
A contract is a legally binding agreement concerning a bargain which is essentially commercial in its nature and involves the sale or hire of commodities such as goods, services or land.
- A contract is a legally-enforceable promise or set of promises made by one party to another.
2021a
- (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/Contract Retrieved:2021-12-5.
- A contract is a legally binding agreement that defines and governs the rights and duties between or among its parties. A contract is legally enforceable when it meets the requirements of applicable law. A contract typically involves the exchange of goods, services, money, or a promise of any of those. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or cancellation. In the Anglo-American common law, formation of a contract generally requires an offer, acceptance, consideration, and mutual intent to be bound. Each party must be those who are binding by the contract. Although most oral contracts are binding, some types of contracts may require formalities such as being in writing or by deed. [1] In the civil law tradition, contract law is a branch of the law of obligations. [2]
Each country recognised by private international law has its own national system of law to govern contracts. Although systems of contract law might have similarities, they may contain significant differences. Accordingly, many contracts contain a choice of law clause and a jurisdiction clause. These provisions set the laws of the country which will govern the contract, and the country or other forum in which disputes will be resolved, respectively. Failing express agreement on such matters in the contract itself, countries have rules to determine the law governing the contract and the jurisdiction for disputes. For example, European Member States apply Article 4 of the Rome I Regulation to decide the law governing the contract, and the Brussels I Regulation to decide jurisdiction.
- A contract is a legally binding agreement that defines and governs the rights and duties between or among its parties. A contract is legally enforceable when it meets the requirements of applicable law. A contract typically involves the exchange of goods, services, money, or a promise of any of those. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or cancellation. In the Anglo-American common law, formation of a contract generally requires an offer, acceptance, consideration, and mutual intent to be bound. Each party must be those who are binding by the contract. Although most oral contracts are binding, some types of contracts may require formalities such as being in writing or by deed. [1] In the civil law tradition, contract law is a branch of the law of obligations. [2]
- ↑ In England, contracts of employment must be in writing (Employment Rights Act 1996), and contracts for the sale of land, and most leases, must be completed by deed (Law of Property Act 1925).
- ↑ This category of "obligations" is essentially a fusion of contract and tort, and while cases such as Junior Books Ltd v Veitchi Co Ltd promoted this idea, it has fallen out of favour in English legal circles.
2021b
- (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/Glossary_of_clinical_research Retrieved:2021-12-5.
- Contract
- A written, dated, and signed agreement between two or more involved parties that sets out any arrangements on delegation and distribution of tasks and obligations and, if appropriate, on financial matters. The protocol may serve as the basis of a contract. (ICH E6).
- Contract
2014
- (Business Dictionary, 2014) ⇒ http://www.businessdictionary.com/definition/contractual-relationship.html#ixzz3WkcSDh1N
- QUOTE: Legal relationship between contracting-parties evidenced by (1) an offer, (2) acceptance of the offer, and a (3) valid (legal and valuable) consideration. Existence of a contractual relationship, however, does not necessarily mean the contract is enforceable, that it is not void (see void contract), or not voidable (see voidable contract).