Contracts: Definition, Classification, Formation Steps
The definition of contracts, their classification, and the essential steps for their formation. Understand key terms and concepts related to contracts in a detailed lecture overview.
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Presentation Transcript
College of Law, Al-Mustansiriyah U. Fourth Year Course in Mercantile Contracts 2016-2017 FIRST SEMESTER LECTURE #1 CHAPTER ONE: CONTRACTS
Chapter Contents Definition of contracts Classification Formation Vices of consent The object in contract and in obligation Cause Effects of contract
The definition of contracts A contract is an agreement by which one or several persons bind themselves, in favor of one person or several other persons, to give, to do, or not to do something. Implications of this definition: The above definition of contract implies that the parties possess the necessary capacity and that they intend to create legal obligations.
Classification of contract Contract kinds are best clarified via the following diagram Contract Bilateral Commutative Aleatory Unilateral Nominate Gratuitous Onerous Innominate Formal Consensual Real
The formation of contracts This requires two steps: 1- offer (which may be revoked or withdrawn in certain circumstances) and 2- acceptance is what makes a contract come into being. It must meet the offer an may be express or tacit.
Term, word and phrase meaning The meaning for the different terms, words and phrases that appear throughout the lecture: contract, agreement, bind, in favor of, capacity, bilateral, unilateral, gratuitous, intend, onerous, commutative, aleatory, nominate, innominate, consensual, employment, formal, real, imposes, reciprocal, hiring.
