![]() ![]() Ĭontract law, like other areas of private law, varies between jurisdictions. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. Duty of good faith (also implied covenant of good faith and fair dealing or duty to negotiate in good faith) 7Ī contract is a legally enforceable agreement that creates, defines, and governs mutual rights and obligations among its parties.Duty of honest contractual performance (or doctrine of abuse of rights) 6. ![]() Liquidated, stipulated, or penal damages 3.UNCITRAL Model Law on International Commercial Arbitration.UNIDROIT Principles of International Commercial Contracts.Look up obligor or obligee in Wiktionary, the free dictionary. ![]()
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