A contract is an agreement that is legally enforceable, with any promise and any series of promises that constitute the mutual consideration being an agreement. Contract law is the most important part of commercial law, since any commercial transaction is the result of an agreement between where or more people. The objectives of contract law are the introduction of certainty in commercial and other transactions. As a general rule, in order to meet the requirements of the law, the letter must identify the contracting parties, draft the subject matter of the contract in such a way that it can be reasonably identified, and specify the essential conditions of the agreement concluded by the parties. Even without taking into account the status of fraud, it is good to reduce the main contractual conditions to a signed and written agreement. Even if a fraud status does not apply to an oral contract, it can be very difficult to prove and enforce the contract without written agreement. According to Mr. Salmond, „a contract is an agreement that creates and defines obligations between the parties.“ According to Sir William Anson, „a contract is a legally enforceable agreement between two or more persons, whose legal rights are acquired by one or more acts or indulgence on the part of the other or the other.“ A contract intends to formalize an agreement between two or more parties on a particular subject. Contracts can cover a wide range of issues, including the sale of property or real estate, terms of employment or an independent subcontract, dispute resolution, and intellectual property developed in connection with a rental work. In a contract, there must be an agreement and the agreement must be enforceable by law. An agreement between private parties that creates mutual obligations that are enforceable by law. The fundamental elements necessary for the agreement to be a legally enforceable contract are: mutual consent expressed through a valid offer and acceptance; take due account; capacity; and legality.
In some States, the consideration element may be satisfied by a valid replacement. Possible remedies in the event of an infringement are general damages, consequential damages, damage to trust and certain services. To be enforceable, a treaty must generally contain the following: however, in certain circumstances, certain promises that are not considered contracts may be enforced to a limited extent. If, to its detriment, a party has relied in reasonable confidence on the assurances/promises of the other party, the court may apply an appropriate doctrine of not guilty in order to grant damage of trust to the non-injurious party in order to compensate the party for the amount resulting from the party`s reasonable confidence in the agreement. For example, a carrier regularly ships the goods of a clothing owner and there is no written contract between them, but it is like a written agreement. „Consideration is a right, interest, profit or advantage of one party, or an indulgence, inconvenience, loss or liability given, suffered or assumed by the other party.“ „A consideration is an action or indulgence of a party or its promises, is the price for which the promise of others is bought, and the promise of value so made is enforceable.“ Restrictive agreement – is often included in long-term contracts and employment contracts, in order to prevent the parties from cooperating with their competitors during the term of the contract and for some time after. Part of the treaty`s untouchability is the natural right to privacy. You have absolutely right to privacy in your agreements with others.