Contract Law : A review
- What is a contract
- Bilateral and unilateral contracts
- Mispresentation/ Fraud
- Contract performance
- Termination of contract
- Impossibility and impracticality, Frustration of Purpose
?What is a Contract?
A contract is a legally enforceable agreement between two or more parties with mutual obligations. It's essentially a case law subject, i.e.,interpretations are made by judges while deciding on the legal issues.
Legal rules are in case, not only in statues.
The interpretations which are made by the judges are considered as the common law or as an aid for interpretation of a law in subsequent cases with similar conditions.
Parenthesis: The remedy at law for breach of contract is "damages" or monetary compensation. In equity, the remedy can be performance specific of the contract or an injunction.