This book is an attempt
to draw such an outline of the principles of the law of Contract as may be
useful to students, and, perhaps, convenient to those who are engaged in the
teaching of law. Author tried to show how a contract is made, what is needed to
make it binding, what its effect is, how its terms are interpreted, and how it
is discharged and comes to an end.
purpose of this book is to furnish a compact and, at the same time,
comprehensive selection of authoritative material for the study and discussion
of the principles of the law of contract. The work is now designed primarily to
be used alone as the basis of instruction, although it may also be used
conveniently with lectures or a standard treatise.
A contract is a legally binding exchange of promises or agreement between
parties that the law will enforce. Contract law is based on the Latin phrase
pacta sunt servanda (literally, promises must be kept). Breach of a contract is
recognised by the law and remedies can be provided. Almost everyone makes
contracts everyday. Sometimes written contracts are required, e.g., when buying
a house. However the vast majority of contracts can be and are made orally, like
buying a law text book, or a coffee at a shop. Contract law can be classified,
as is habitual in civil law systems, as part of a general law of obligations.