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.



  • (Open AI ChatGPT, 2023) ⇒
    • 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:
      1. . Offer: One party (the offeror) presents specific terms and conditions for an agreement.
      2. . Acceptance: The other party (the offeree) agrees to the terms and conditions presented by the offeror.
      3. . 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.
      4. . 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."
      5. . 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.
      6. . 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.


  • (Wikipedia, 2023b) ⇒
    • 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.


  1. 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).
  2. 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.


  • (Wikipedia, 2021) ⇒ 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).