Contract
A contract is a legally binding agreement between two or more parties that creates an obligation to do or not do something. It is a voluntary agreement between two or more parties that is enforceable by law. Contracts are used in a variety of situations, from buying a car to renting an apartment. They are also used in business transactions, such as when a company agrees to buy goods or services from another company.
History of the Term
The concept of contracts has been around since ancient times. The earliest known written contract dates back to Mesopotamia in the third millennium BC. The Code of Hammurabi, which dates back to 1772 BC, is one of the earliest known legal documents that contains provisions for contracts. The Roman law of contracts, which was developed in the first century BC, was the basis for much of the modern contract law. The English common law of contracts, which was developed in the 17th century, is the basis for much of the contract law in the United States.
Comparison Table
| Type of Contract | Enforceability |
|---|---|
| Express Contract | Enforceable |
| Implied Contract | Enforceable |
| Unilateral Contract | Enforceable |
| Bilateral Contract | Enforceable |
Summary
Contracts are an essential part of business and everyday life. They are legally binding agreements between two or more parties that create an obligation to do or not do something. Contracts have been around since ancient times and are used in a variety of situations. For more information on contracts, you can visit websites such as the U.S. Small Business Administration, the American Bar Association, and the National Conference of State Legislatures.
See Also
- Express Contract
- Implied Contract
- Unilateral Contract
- Bilateral Contract
- Agreement
- Offer
- Acceptance
- Consideration
- Breach of Contract
- Contract Law
