Contract Law

Contract law is a component of the law of obligations, which is itself an element of civil law.

A contract is an agreement entered into voluntarily by one or more persons/legal entities. The intention of the parties is to create legally binding obligations for all parties involved that can be enforced, if necessary. They provide the parties with protection from other parties who may fail to perform their contractual obligations, which would be to the detriment of the others involved. For example; one party might provide deficient goods or services, or another party might fail to pay for goods or services provided.

In order to ensure that all parties are protected from such undesirable behaviour it is important that contracts can be legally enforced. For this reason there are specific requirements that must be met that cover both;

• the formation of contracts, and
• the contents of contracts.

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Tags:	actual breach;anticipatory breach;express anticipatory breach;implied anticipatory breach