Contract - Revision history

TiberiusB: /* See also */

2023-11-08T22:10:52Z

TiberiusB: /* See also */

2023-11-08T22:10:44Z

TiberiusB at 17:41, 10 January 2023

2023-01-10T17:41:19Z

TiberiusB at 17:40, 10 January 2023

2023-01-10T17:40:48Z

TiberiusB at 17:37, 10 January 2023

2023-01-10T17:37:48Z

Sensorica-wiki at 04:34, 5 January 2023

2023-01-05T04:34:28Z

Sensorica-wiki: Created page with "The notion of contract, under the contract law, included into the more general obligations law. Contract can be understood as a premise, requiring enforcing mechanisms. These..."

2023-01-05T04:16:16Z

Created page with "The notion of contract, under the contract law, included into the more general obligations law. Contract can be understood as a premise, requiring enforcing mechanisms. These..."

New page

The notion of contract, under the contract law, included into the more general obligations law.
Contract can be understood as a premise, requiring enforcing mechanisms. These mechanisms are usually enabled by the state (or some other authority) and make use of the legal system. So-called informal economies are economies in regions where the state is weak.
In common law jurisdictions, the formation of a contract generally requires an offer, acceptance, consideration, and mutual intent to be bound. A contract cannot be formed without assent (also called a meeting of the minds) of the two parties to be bound by its terms. Normally this is by written signature (which may include an electronic signature), but the assent may also be oral or by conduct. Assent may be given by an agent for a party. Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. Less common are unilateral contracts, in which one party makes a promise, but the other side does not promise anything (ex. Custodian agreement in the OVN model). In these cases, those accepting the offer are not required to communicate their acceptance to the offeror.

=See also=
[[Smart contract]]

← Older revision		Revision as of 22:10, 8 November 2023
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	=See also=		=See also=
	[[Smart contract]]		[[Smart contract]]
		+	[[Ricardian contract]]

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 Also to consider:
 * Conditions, warranties, and representations
 * Capacity

@@ Line 1: / Line 1: @@
 The notion of contract, under the contract law, included into the more general obligations law.
-Contract can be understood as a promise, requiring enforcing mechanisms. These mechanisms are usually enabled by the state (or some other authority) and make use of the legal system. So-called informal economies are economies in regions where the state is weak.
+Contract can be understood as a '''promise''', requiring '''enforcing''' mechanisms. These mechanisms are usually enabled by the state (or some other authority) and make use of the legal system. So-called informal economies are economies in regions where the state is weak.
 In common law jurisdictions, the formation of a contract generally requires an offer, acceptance, consideration, and mutual intent to be bound. A contract cannot be formed without assent (also called a meeting of the minds) of the two parties to be bound by its terms. Normally this is by written signature (which may include an electronic signature), but the assent may also be oral or by conduct. Assent may be given by an agent for a party. Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. Less common are unilateral contracts, in which one party makes a promise, but the other side does not promise anything (ex. Custodian agreement in the OVN model). In these cases, those accepting the offer are not required to communicate their acceptance to the offeror. Note that the High Court of Australia stated that the term unilateral contract is "unscientific and misleading". In certain circumstances, an implied contract may be created. A contract is implied in fact if the circumstances imply that parties have reached an agreement even though they have not done so expressly.
 Also to consider:
 * Offer, acceptance, and invitation to treat

@@ Line 1: / Line 1: @@
 The notion of contract, under the contract law, included into the more general obligations law.
-Contract can be understood as a premise, requiring enforcing mechanisms. These mechanisms are usually enabled by the state (or some other authority) and make use of the legal system. So-called informal economies are economies in regions where the state is weak.
+Contract can be understood as a promise, requiring enforcing mechanisms. These mechanisms are usually enabled by the state (or some other authority) and make use of the legal system. So-called informal economies are economies in regions where the state is weak.
 In common law jurisdictions, the formation of a contract generally requires an offer, acceptance, consideration, and mutual intent to be bound. A contract cannot be formed without assent (also called a meeting of the minds) of the two parties to be bound by its terms. Normally this is by written signature (which may include an electronic signature), but the assent may also be oral or by conduct. Assent may be given by an agent for a party. Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. Less common are unilateral contracts, in which one party makes a promise, but the other side does not promise anything (ex. Custodian agreement in the OVN model). In these cases, those accepting the offer are not required to communicate their acceptance to the offeror. Note that the High Court of Australia stated that the term unilateral contract is "unscientific and misleading". In certain circumstances, an implied contract may be created. A contract is implied in fact if the circumstances imply that parties have reached an agreement even though they have not done so expressly.
 Also to consider:

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 =See also=
 [[Smart contract]]
 [[Ricardian contract]]