Law of Contract
English law has no formal definition of the contract. In the absence of a Code it has not needed one, moreover any such definition is not a part of the law itself. Very generally it can be said that by the contract is usually understood a commercial agreement which gives rise to obligations enforced and recognised by law. Historically, the English lawyers adopted the term Contract when they wish to convey an idea of a legal responsibility resulting from the voluntary engagement of an individual to another, as distinguished from a liability originating in a tort or wrong unconnected with agreement.
Understandably, that there are also a number of different definitions of the law of contract, all of which are of general and qualified character. Sometimes the law of contract described as a branch of the law which determines when a promise shall be legally binding on the person making it and sometimes as a part of the law which deals with self-imposed obligations.
There are three key requirements, in English law, for the creation of a contract. They are:
To these key requirements, others can be added. For instance, in contracts for land formal requirements (i.e. writing the contract down and having it witnessed) are necessary to effect a sale. Also, parties to a contract must have capacity to contract and must be freely exercising their informed consent to the agreement.
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