Contract

Paper Summary:

This paper examines the steps taken to transform an agreement into a contract. A contract's essential, natural and accidental elements are described, and the issues which are necessary for a valid contract, and for a contract to be legally binding, are outlined. The paper presents an overview of the necessary provisions written contracts must have. The stages a contract goes through are illustrated. Limitations of contracts are provided, and compensatory damages for a breach of contract are discussed.

From the Paper:

"A contract exists when two parties agree to exchange property, money or service. It is an agreement to do or not to do something. An agreement is, therefore, the most important prerequisite of a contract, whereby the parties assent mutually to the terms of the agreement or understanding. It is a promise made by the parties to each other (Legal Information Institute). Contracts, at times, are used interchangeably with covenant and stipulation, but not every agreement is a contract: only agreements, which are legally enforceable are considered contracts."

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