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Contract Law - Definition, Examples, Cases
Oct 25, 2015 · According to contract law, an agreement made between two or more people or business entities, in which there is a promise to do something in return for a gain or advantage, is legally binding. Contract law is the center of many business dealings, and anyone entering into a contract should that failing to abide by the contract, even by mistake, could result in serious problems.
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Contract | Wex | US Law | LII / Legal Information Institute
Definition. An agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent , expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, element of consideration can be satisfied by a valid substitute.
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Law of contracts legal definition of Law of contracts
contract. (redirected from Law of contracts) Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia. Related to Law of contracts: Law of torts. contract. 1) n. an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration.
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Contract legal definition of contract
Related to contract: contract law, employment contract, breach of contract, Elements of a Contract. contract. 1) n. an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration. Since the law of contracts is at the heart of most business dealings, it is one of the three or four most significant areas …
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Meaning of Contract, Nature and Scope of Contract - …
Jul 05, 2020 · Meaning of Contract: – A contract means an agreement, which is enforceable by law. An agreement consists of reciprocal (mutual) promises between the two parties. In the case of contract each party is legally bound by the promise made by them. A contract is legally enforceable when it meets the requirements of applicable law.
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1. Law of Contracts 1.1. Definition and Forms of …
1.1. Definition and Forms of contracts The law of contract is concerned about the legal enforceability of promises. In that context, a contract may be described as an agreement that the law (the Courts) will enforce. This notion of enforceability is central to contract law. If you break (breach) the contract, the other party has several legal remedies.
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What is illegal or unlawful contract?
Generally, an illegal contract is one that is made for an illegal purpose, and for that reason, violates law. For example, a contract that requires some sort of illegal act or conduct on the part of one or both parties, will be deemed illegal in entirety.
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When is the contract considered to be illegal or unlawful?
A contract is considered an "illegal contract" when the subject matter of the agreement relates to an illegal purpose that violates the law. Basically, contracts are illegal if the formation or performance of the agreement will cause the parties to participate in illegal activities.
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What is considered legal contract?
A contract is generally defined as a legal agreement between two or more parties. It usually requires an offer, an acceptance of the offer, and consideration in order to be legally binding. Who may legally enter into a contract is one question answered by contract law.
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Is a contract enforceable if it violates the law?
An enforceable contract is a written or oral agreement that can be imposed in a court of law. If the law permits enforcement of a contract, execution of an agreement is the obligation of the assenting parties. Terms may not be violated or breached without causing the contract to void.
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