Contractual Agreement

A Contractual Agreement is a legal agreement/legal relationship that binds both legal parties (contracting-parties) to the stated terms under contract law.

• Context:
  • It can be described as a Legally-Enforceable Promise or Set of Promises Made by One Party to Another.
  • It can be described as a Legally Binding Agreement Concerning a Bargain.
  • It can (typically) be evidenced by (1) an Offer, (2) Offer Acceptance, and (3) Valid Consideration.
  • 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 be an Intangible Asset.
  • It can be managed by a Contract Management Task.
  • …
• Example(s):
  • an Advertisement Contract.
  • a Financial Security.
  • a Purchase Contract.
  • an Employment Contract, e.g. “This contract of employment is entered into between ____ and _____ on _____ under the terms and conditions of employment below ….
  • a Union Contract.
  • a Master Service Agreement.
  • …
• Counter-Example(s):
  • a Tangible Asset.
  • a Promise to Oneself, like a New Year's resolution.
• See: Private Law, Law of Obligations, Common Law, Business Law.

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References

2015

• (Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/Category:Contract_law Retrieved:2015-11-25.
  • 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.

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).

2013

• http://en.wikipedia.org/wiki/Contract
  • A contract is an agreement having a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between them. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange "consideration" to create "mutuality of obligation."

    Proof of some or all of these elements may be done in writing, though contracts may be made entirely orally or by conduct. The remedy for breach of contract can be "damages" in the form of compensation of money or specific performance enforced through an injunction. Both of these remedies award the party at loss the "benefit of the bargain" or expectation damages, which are greater than mere reliance damages, as in promissory estoppel. The parties may be natural persons or juristic persons. A contract is a legally enforceable promise or undertaking that something will or will not occur. The word promise can be used as a legal synonym for contract, although care is required as a promise may not have the full standing of a contract, as when it is an agreement without consideration.

    Contract law varies greatly from one jurisdiction to another, including differences in common law compared to civil law, the impact of received law, particularly from England in common law countries, and of law codified in regional legislation. Regarding Australian Contract Law for example, there are 40 relevant acts which impact on the interpretation of contract at the Commonwealth (Federal / national) level, and an additional 26 acts at the level of the state of NSW. In addition there are 6 international instruments or conventions which are applicable for international dealings, such as the United Nations Convention on Contracts for the International Sale of Goods.

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