Simple Introduction to Contract

Contracts formalize agreements between two or more parties and are legally binding. There is no requirement to formally sign anything in order to have a contract. A contract does not have to be written down formally in order to be legitimate. You make contracts on a daily basis, but don’t necessary see it. Take for example buying a bottle of Evian water at Waitrose. You make a contract at the point of purchasing the bottle of water, that the bottle of water will be satisfactory or not past its date. Generally speaking contracts are constructed in order to regulate transactions.

It is easy to recognize “contracts” but hard to define. Contract of law lays down the constitutes of a contract (agreement, consideration, certainty and intention to create legal relations). And the conditions of enforceability (absence of fraud, illegal purpose, force, etc).