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Contracts
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine el ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Obligations
The law of obligations is one branch of private law under the civil law (legal system), civil law legal system and so-called "mixed" legal systems. It is the body of rules that organizes and regulates the rights and duties arising between individuals. The specific rights and duties are referred to as ''obligations'', and this area of law deals with their creation, effects and extinction. An obligation is a legal bond (''vinculum iuris'') by which one or more parties (obligants) are bound to act or refrain from acting. An obligation thus imposes on the ''obligor'' a duty to perform, and simultaneously creates a corresponding right to demand performance by the ''obligee'' to whom performance is to be tendered. History The word originally derives from the Latin "obligare" which comes from the root "lig" which suggests being bound, as one is to God for instance in "re-ligio". This term first appears in Plautus' play Truculentus at line 214. Obligations did not originally form part of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common Law
Common law (also known as judicial precedent, judge-made law, or case law) is the body of law primarily developed through judicial decisions rather than statutes. Although common law may incorporate certain statutes, it is largely based on precedent—judicial rulings made in previous similar cases. The presiding judge determines which precedents to apply in deciding each new case. Common law is deeply rooted in Precedent, ''stare decisis'' ("to stand by things decided"), where courts follow precedents established by previous decisions. When a similar case has been resolved, courts typically align their reasoning with the precedent set in that decision. However, in a "case of first impression" with no precedent or clear legislative guidance, judges are empowered to resolve the issue and establish new precedent. The common law, so named because it was common to all the king's courts across England, originated in the practices of the courts of the English kings in the centuries fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consideration
Consideration is a concept of English law, English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions. It is commonly referred to as one of the six or seven elements of a contract. The court in ''Currie v Misa'' declared consideration to be a "Right, Interest, Profit, Benefit, or Forbearance, Detriment, Loss, Responsibility". Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act. Forbearance to act, such as an adult promising to refrain from smoking, is enforceable if one is thereby surrendering a legal right. Consideration may be thought of as the concept of value offered and accepted by people or organisations entering into contracts. Anything of value promised by one party to the other when making a contract can be treate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Principles Of International Commercial Contracts
The Principles of International Commercial Contracts 2016 (most frequently referred to as the UNIDROIT Principles and often also referred to as PICC) is a set of 211 rules for international contracts. They have been drawn up since 1984 by an international working group of the inter-governmental organization UNIDROIT, and they were ratified by its Council representing 64 governments of member states. As soft law, these principles help harmonize international commercial contract law by providing rules supplementing international instruments like the CISG and even national laws. Most importantly in private practice, they offer a neutral contractual regime which the parties can choose, either by incorporation into their contracts (in whole or in parts), or by a straightforward choice of the UNIDROIT Principles (e.g. “This contract is governed by the UNIDROIT Principles of International Commercial Contracts 2016”; in practice such a clause is often combined with an arbitration cla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Specific Performance
Specific performance is an equitable remedy in the law of contract, in which a court issues an order requiring a party to perform a specific act, such as to complete performance of a contract. It is typically available in the sale of land law, but otherwise is not generally available if damages are an appropriate alternative. Specific performance is almost never available for contracts of personal service, although performance may also be ensured through the threat of proceedings for contempt of court. An injunction, often concerning confidential information or real property, is a type or subset of specific performance and is one of the more commonly-used forms of specific performance. While specific performance can be in the form of any type of forced action, it is usually to complete a previously established transaction, thus being the most effective remedy in protecting the expectation interest of the innocent party to a contract. It is usually the opposite of a prohibitory ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Meeting Of The Minds
Meeting of the minds (also referred to as mutual agreement, mutual assent, or ''consensus ad idem'') is a phrase in contract law used to describe the intentions of the parties forming the contract. In particular, it refers to the situation where there is a common understanding in the formation of the contract. Formation of a contract is initiated with a proposal or offer. This condition or element is considered a requirement to the formation of a contract in some jurisdictions. History Richard Austen-Baker has suggested that the perpetuation of the idea of "meeting of minds" may come from a misunderstanding of the Latin term ''consensus ad idem'', which actually means "agreement to the amething". There must be evidence that the parties had each, from an objective perspective, engaged in conduct manifesting their assent, and a contract will be formed when the parties have met such a requirement. Concept in academic work German jurist Friedrich Carl von Savigny is usually ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tort Law
A tort is a civil wrong, other than breach of contract, that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act. Tort law can be contrasted with criminal law, which deals with crime, criminal wrongs that are punishable by the state. While criminal law aims to punish individuals who commit crimes, tort law aims to compensate individuals who suffer harm as a result of the actions of others. Some wrongful acts, such as assault and Battery (crime), battery, can result in both a civil lawsuit and a criminal prosecution in countries where the civil and criminal legal systems are separate. Tort law may also be contrasted with contract law, which provides civil remedies after breach of a duty that arises from a contract. Obligations in both tort and criminal law are more fundamental and are imposed regardless of whether the parties have a contract. While tort law in civil law (legal system), civil law jurisdictions largely d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Breach Of Contract
Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. Breach occurs when a party to a contract fails to fulfill its obligation(s), whether partially or wholly, as described in the contract, or communicates an intent to fail the obligation or otherwise appears not to be able to perform its obligation under the contract. Where there is breach of contract, the resulting damages have to be paid to the aggrieved party by the party breaching the contract. If a contract is rescinded, parties are legally allowed to undo the work unless doing so would directly charge the other party at that exact time. What constitutes a breach of contract There exists two elementary forms of breach of contract. The first is actual failure to perform the contract as and when specified constitutes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abstraction Principle (law)
The abstract system of title transfer () is a legal term in German law relating to the law of obligations () and property law ({{Lang, de, Sachenrecht). Although no express reference to it is made in the German Civil Code (BGB), the concept of separating a personal undertaking to pay or exchange goods or legal rights (e.g. through contract) from the conveyance of title to those goods or legal rights (e.g. through a deed or land registration) is fundamental to German private law (as well as Brazilian law, Greek law, South African law, and Scots law). General features Abstract title transfer is based on the Roman maxim ''traditionibus non nudis pactis dominia rerum transferuntur'': ownership is transferred by delivery and not by contract alone. The abstract system dominates the entire BGB and is vital for the understanding of how it treats legal transactions, such as contracts. For example, under the BGB's system, ownership is not transferred by a sale contract, as in some o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bürgerliches Gesetzbuch
The ''Bürgerliches Gesetzbuch'' (, ), abbreviated BGB, is the civil code of Germany, codifying most generally-applicably private law. In development since 1881, it became effective on 1 January 1900, and was considered a massive and groundbreaking project. The BGB served as a template in several other civil law jurisdictions, including Japan, Korea, the Republic of China (Taiwan), Thailand, Brazil, Greece, Estonia, Latvia and Ukraine. It also had a major influence on the 1907 Swiss Civil Code, the 1942 Italian Civil Code, the 1966 Portuguese Civil Code, and the 1992 reformed Dutch Civil Code. History German Empire The introduction in France of the Napoleonic code in 1804 created in Germany a similar desire to draft a civil code (despite the opposition of Friedrich Carl von Savigny’s Historical School of Law) which would systematize and unify the various heterogeneous laws that were in effect in the country. However, such an undertaking during the German Confeder ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pacta Sunt Servanda
''Pacta sunt servanda'' ("agreements must be kept.") is a brocard and a fundamental principle of law which holds that treaties or contracts are binding upon the parties that entered into the treaty or contract. It is customary international law. According to Hans Wehberg, a professor of international law, "few rules for the ordering of Society have such a deep moral and religious influence" as this principle. In its most common sense, the principle refers to private contracts and prescribes that the provisions, i.e. clauses, of a contract are law between the parties to the contract, and therefore implies that neglect of their respective obligations is a violation of the contract. The first known expression of the brocard is in the writings of the canonist Cardinal Hostiensis from the 13th century AD, which were published in the 16th. Modern jurisprudence In both civil law and common law jurisdictions, the principle is related to the general principle of correct behavior in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
