1 basic concepts

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1、Contractlawdealswith,amongotherthings,theformationandkeepingofpromises.Thelawencouragescompetentpartiestoformcontractsforlawfulobjectives.Noaspectofmodernlifeisentirelyfreeofcontractualrelationships.Indeed,eventheordinaryconsumerinhisdailyactivitiesacquiresrightsandobligationsbasedoncontractlaw.Youa

2、cquirerightsandobligations,forexample,whenyouborrowmoneytomakeapurchaseorwhenyoubuyahouse.Contractlawisdesignedtoprovidestabilityandpredictabilityaswellascertainty,forbothbuyersandsellers.TheImportanceofContractLawThestudyofcontractlawisimportantbecauseitisthebasisforallcommerciallaw.Thelawdescribed

3、inthefollowingchaptersisthebasisformuchofthelawinmorespecializedareas,suchasthesaleofgoods.InChapter1,youwillbeintroducedtothenatureandterminologyofcontracts.Asyouwillsay,therearemanytypesofcontracts.Therearealsobasicrequirementsthatmustbemetbeforeavalidcontractcomesintoexistence.Thesebasicrequireme

4、ntsarediscussedindetailinchapters2through6.Sometimes,athirdparty(onewhoisnotadirectpartytothecontract)acquiresrightsunderthecontract.ThirdpartyrightsarecoveredinChapter7.Partiestoacontractneedtoknowwhentheirdutiesunderthecontracthavebeenfulfilled.Theperformanceanddischargeofcontractualdutiesarecover

5、edinChapter8.Finally,youwilllearninChapter9whatremediesareavailabletothenonbreachingpartywhentheotherpartybreachesthecontract.ChapterOne—NatureandTerminologyContractlawshowswhatpromisesorcommitmentsoursocietybelievesshouldbelegallybinding.Itshowswhatexcusesoursocietywillacceptforthebreakingofsuchpro

6、mises.Anditshowswhatkindsofpromiseswillbeconsideredasbeingagainstpublicpolicyandthereforelegallyvoid.Acontractmaybedefinedasapromiseenforceableatlaw.Acontractisanagreementbasedonmutualpromisesbetweentwoormorecompetentpartiestodoorrefrainfromdoingsomeparticularthingthatisneitherillegalnorimpossible.A

7、promiseisadeclarationthatsomethingeitherwillorwillnothappeninthefuture.Acontractmaybeformedwhentwoormorepartieseachpromisetoperformorrefrainfromperformingsomeactnoworinthefuture.Thepromisesneednotbein