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The Basis of Contracting

The Basis of Contracting What is Contract? A legal document that states and explains a formal agreement between two different people or groups, or the agreement itself. What Is a Legal Contract? Legal purpose.  A contract must have a legal purpose to be enforceable. For example, Steve hires Paul to kill Susan. Steve drafts an agreement outlining Paul’s responsibilities, namely to acquire a gun and shoot Susan in the head. …

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Contract Law

Contract Law Overview of Legal Terminology and Basic Contract Law BASIC PRINCIPLES OF ENGLISH CONTRACT LAW What a contract is? Contract is probably the most familiar legal concept in our society because it is so central to the essence of our political, economic, and social life. In common parlance, contract is used interchangeably with agreement, bargain, undertaking, or deal. …

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