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.
References
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).
