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A contract is a voluntarily arrangement between two or more parties that is enforceable at law as a binding legal agreement.
Each contractual party must be a "competent person" having legal capacity. The parties may be natural persons ("individuals") or juristic persons ("corporations"). An agreement is formed when an "offer" is accepted. The parties must have an intention to be legally bound; and to be valid, the agreement must have both proper "form" and a lawful object. In England (and in jurisdictions using English contract principles), the parties must also exchange "consideration" to create a "mutuality of obligation," as in Simpkins v Pays.
A contract is often evidenced in writing or by deed, but a valid contract may (with some exceptions) be made orally or even by conduct. Remedies for breach of contract include "damages" (monetary compensation for loss) and, for serious breaches only, "repudiation" (i.e. cancellation). The equitable remedy of specific performance, enforceable through an injunction, may be available if damages are insufficient (source of information from top: Wikipedia).
Contracts and contract law are important for our modern world of mercantilism-gauged governance (i.e., European Union).
When Apple Computers took suit against Microsoft for breach of intellectual property agreements, people took notice of how modern design elements in mercantile markets made contract law issues much more complex.
Mercantile traffic creates dialogue about citizenry-led governance which brings up various considerations about 'social contract' issues such as vigilantism.
America is perhaps the world's most successful capitalist society, and it has the resources to outsource production and manufacturing and its domestic spending draws in immigration. What is America's social contract with Communist and Third World countries in our modern age of mercantilism-gauged governance (i.e., European Union)?
To understand the impact of contract law in the modern world, we must ask questions such as "What are the boundaries of profit?"
Contract Law (Cornell University)
Apple vs. Microsoft
Each contractual party must be a "competent person" having legal capacity. The parties may be natural persons ("individuals") or juristic persons ("corporations"). An agreement is formed when an "offer" is accepted. The parties must have an intention to be legally bound; and to be valid, the agreement must have both proper "form" and a lawful object. In England (and in jurisdictions using English contract principles), the parties must also exchange "consideration" to create a "mutuality of obligation," as in Simpkins v Pays.
A contract is often evidenced in writing or by deed, but a valid contract may (with some exceptions) be made orally or even by conduct. Remedies for breach of contract include "damages" (monetary compensation for loss) and, for serious breaches only, "repudiation" (i.e. cancellation). The equitable remedy of specific performance, enforceable through an injunction, may be available if damages are insufficient (source of information from top: Wikipedia).
Contracts and contract law are important for our modern world of mercantilism-gauged governance (i.e., European Union).
When Apple Computers took suit against Microsoft for breach of intellectual property agreements, people took notice of how modern design elements in mercantile markets made contract law issues much more complex.
Mercantile traffic creates dialogue about citizenry-led governance which brings up various considerations about 'social contract' issues such as vigilantism.
America is perhaps the world's most successful capitalist society, and it has the resources to outsource production and manufacturing and its domestic spending draws in immigration. What is America's social contract with Communist and Third World countries in our modern age of mercantilism-gauged governance (i.e., European Union)?
To understand the impact of contract law in the modern world, we must ask questions such as "What are the boundaries of profit?"
Contract Law (Cornell University)
Apple vs. Microsoft
