What is Contracts Law?
The concept of a contract dates back to ancient times. However, the modern rules regarding the formation and interpretation of contract is largely derived from the common law legal system. A contract is an agreement between two or more people having a lawful objective to do some thing or purchase some product in exchange for a corresponding exchange of value.
The elements of a contract are:
Offer and Acceptance (often called a meeting of the minds)
Consideration (the value exchanged between the parties)
and Mutuality of Obligation (one cannot be required to give substantially more than the other)
Some also consider capacity, or the legal competence to enter into a contract, an element of its formation.
Contracts usually have two primary forms of recovery: damages, or the money equivalent to the value the party would have received from the contract had there been no breach, and specific performance, or the requirement that the party must carry out its obligations under the agreement.
Both of these remedies award the non-breaching party with the lost benefit of the bargain or the expectation damages.
In some instances, even when one of the elements of contract formation are absent, the law requires the creation of a fictional agreement, called a quasi-contract. Unjust enrichment keeps one from receiving the benefit of a product without paying for it, even if they did not formally contract for it. Quantum meruit is a similar concept but usually pertains to the provision of services.
For more information about contract law, you can review the materials found below or you can find an attorney in your jurisdiction by visiting the Law Firms page on our website.
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Contract Law - US
- ABA - Section of Public Contract Law
The mission of the Section of Public Contract Law is to improve public procurement and grant law at the federal, state and local levels and promote the professional development of attorney and associate members in public procurement law. The Section pursues this mission through a structured committee system and educational and training programs that welcome and encourage member involvement, foster opportunities for all members of the Section, and that recognize and respond flexibly to the diverse needs, talents and interests of Section members.
- Contract Disputes Act of 1978
The Contract Disputes Act of 1978 ("CDA", P.L. 95-563, 92 Stat. 2383) governs legal claims brought by parties engaged to do business with the government of the United States. It came into force on 1 March 1979, superseding the provisions of the Tucker Act. Among other things, it establishes procedures by which said parties may seek to press a monetary claim against the government, and it establishes the Civilian Board of Contract Appeals for review of certain, but not all, of these claims. More recent amendments have clarified the ability of contractors to bring non-monetary claims, and have endorsed the use of alternative dispute resolution mechanisms for resolving disputes.[
- Contract Law - Definition
United States contract law covers obligations established by agreement (express or implied) between private parties. Generally, contract law in transactions involving the sale of goods has become highly standardized nationwide as a result of the widespread adoption of the Uniform Commercial Code. However, there is still significant diversity in the interpretation of other kinds of contracts, depending upon the extent to which a given state has codified its common law of contracts or adopted portions of the Restatement (Second) of Contracts.
- Federal Acquisition Regulation (FAR)
The Federal Acquisition Regulations System is established for the codification and publication of uniform policies and procedures for acquisition by all executive agencies. The Federal Acquisition Regulations System consists of the Federal Acquisition Regulation (FAR), which is the primary document, and agency acquisition regulations that implement or supplement the FAR. The FAR System does not include internal agency guidance of the type described in 1.301(a)(2).
- Freedom of Contract - Definition
Freedom of contract is the freedom of individuals and corporations to form contracts without government restrictions. This is opposed to government restrictions such as minimum wage, competition law, or price fixing. The freedom to contract is the underpinning of laissez-faire economics and is a cornerstone of free market libertarianism.
- Government Bids, Government RFPs, and Government Contracts
Government bids, also called RFPs and contracts, are opportunities to business with governments within the United States. Federal, state, and local governments post bids for business opportunities. We compile these government bids, RFPs, and contracts so you can easily search government bids. Our Free Government Bid Email service send you a custom report of government bids that match your criteria. Our team of researchers spend their days searching so you can concentrate on your business.
- Law of Electronic Contracts in the United States
The growth of electronic commerce has proportionally increased the use of electronic contracts as a faster and innovative way to carry out business. Between 1998 and 2002 most countries adapted their domestic commercial legislation to recognize electronic contracts and signatures as legally valid instruments.
- Privity of Contract - Overview
"The doctrine of privity means that a contract cannot, as a general rule, confer rights or impose obligations arising under it on any person except the parties to it." (GH Treitel, The Law of Contract)
- Restatement of the Law Second, Contracts
The Restatement (Second) of the Law of Contracts is one of the most well-recognized and frequently-cited legal treatises in all of American jurisprudence. Every first year law student in every ABA-accredited law school in the United States is exposed to it, and it is probably the most-cited non-binding authority in all of U.S. common law in the areas of contracts and commercial transactions. It is a work without peer in terms of overall influence and recognition among the bar and bench, with the possible exception of the Restatement of Torts. The second edition was begun in 1962 and completed by the American Law Institute in 1979.
- Uniform Commercial Code
The Uniform Commercial Code (UCC or the Code), first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.
- United States Code - Public Contracts
In the codification of laws by this Act, the intent is to conform to the understood policy, intent, and purpose of Congress in the original enactments, with such amendments and corrections as will remove ambiguities, contradictions, and other imperfections, in accordance with section 205(c)(1) of House Resolution No. 988, 93d Congress, as enacted into law by Public Law 93-554 (2 U.S.C. 285b(1)).
- Unites States Department of Commerce
The U.S. Department of Commerce has a broad mandate to advance economic growth and jobs and opportunities for the American people. It has cross cutting responsibilities in the areas of trade, technology, entrepreneurship, economic development, environmental stewardship and statistical research and analysis.
- USDOC - Contracts and Certifications
The federal government bought goods and services totaling more than $350 billion during fiscal year 2009. Selling to the Federal Government can increase your business opportunities and revenues. You can drastically benefit from these "set aside" contracts. There are several government agencies at the local, state or federal level which offer certification. This section provides information on the principles of contracting including federal procurement, new opportunities and applying for the proper certifications
Contract Law - International
- International Association for Contract and Commercial Management (IACCM)
The International Association for Contract & Commercial Management is a non-profit membership organization that provides a global forum for innovation and collaboration in trading relationships and practices. It offers unique insights to the purpose and contribution of the contracting and relationship management process in both public and private sector.
- United Nations Convention on Contracts for the International Sale of Goods (CISG)
Adopted by a diplomatic conference on 11 April 1980, the Convention establishes a comprehensive code of legal rules governing the formation of contracts for the international sale of goods, the obligations of the buyer and seller, remedies for breach of contract and other aspects of the contract. The Convention entered into force on 1 January 1988.
Oraganizations Related to Contract Law
- Civilian Board of Contract Appeals
The Civilian Board of Contract Appeals was established by section 847 of the National Defense Authorization Act for Fiscal Year 2006 to hear and decide contract disputes between government contractors and executive agencies under the provisions of the Contract Disputes Act of 1978, 41 U.S.C. §§ 601-613, and regulations and rules issued under that statute.
- US General Services Administration
GSA’s mission is to use expertise to provide innovative solutions for our customers in support of their missions and by so doing foster an effective, sustainable, and transparent government for the American people.
Publications Related to Contract Law
- Contract Prof Blog
Provides articles, news and information on Contract Laws.
- Federal Contracting Basic
The Federal Acquisition Regulation (FAR) is the primary regulation for use by all Federal Executive agencies in their acquisition of supplies and services with appropriated funds. It became effective on April 1, 1984, and is issued within applicable laws under the joint authorities of the Administrator of General Services, the Secretary of Defense, and the Administrator for the National Aeronautics and Space Administration, under the broad policy guidelines of the Administrator, Office of Federal Procurement Policy, Office of Management and Budget.
Articles on HG.org Related to Contract Law
- Why Should an Entrepreneur Work With An Attorney to Start Their New Company?Most entrepreneurs and new business owners are working on tight budget and simply want to spend the least amount of time and money selecting a business entity and getting to work. After all, isn’t it as simple as downloading a few forms, filling in the blanks and submitting the corporate documents to the Secretary of State? Why would the owners of a new company want to spend the money to consult with an attorney?
- Resolving Breach of Contract Without Expensive and Time Consuming LitigationThere are definitely reasons to consider filing a breach of contract lawsuit even though you intend to find another path to resolve the situation. Filing the lawsuit puts the breaching party on notice that you are serious about holding them accountable, and may strengthen their resolve to cooperate to find a positive solution to the breach.
- 101 of Non-Compete Agreements: Everything You Need to Know about Protecting Your BusinessToday’s advances – technological, scientific, and business – are all driven by competition. As a business owner or an entrepreneur, you’re likely faced with a serious competition that drives you to constantly enhance and update your product and services range. Competition is healthy, as it promotes innovation – but what happens when you find a competitor amongst your own employees?
- Statute of Limitations for Collecting DebtFor torts, crimes and even the collection of debt, there are laws regarding how long a claim is actionable. These laws help provide a sense of finality for affected individuals so that they do not have to forever be worried about potential adverse effects.
- Are Verbal Agreements Binding?Verbal agreements are contracts even though they were not memorialized in a writing. Assuming that the contract is valid, the verbal agreement between two parties is binding. However, verbal contracts may have unique complications to them.
- 5 Common Legal Missteps Many Small Business Owners Make and How to Avoid ThemWhether you are just beginning to think about forming your own business, or you've been "in the game" for years, there are 5 legal missteps that anybody can make, and that are made all too often. Luckily, however, these common missteps are also fairly easy to avoid, with just a bit of knowledge and planning!
- Used Car Does Not Run, What Can You Do?Attorneys frequently receive questions regarding defective used cars. All too often, people purchase a used vehicle with verbal assurances that everything works fine and that it will be quite reliable, only to discover that neither is the case. What can you do when this happens to you?
- What Are the Elements of a Contract?Two individuals or entities may reach an agreement regarding any course of business and put this agreement in the form of a contract. If one of the parties does not uphold his end of the bargain, the non-breaching party may pursue legal remedies for this breach. In order to prevail with such a lawsuit, the moving party must establish certain legal elements.
- What Makes a Contract Valid?Attorneys hear this question quite frequently: what makes a contract valid? In truth, many components come together to make a valid contract, but some are essential while others are merely useful or even extraneous. So, here are the components of a valid contract:
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- All Business and Industry Law Articles
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