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Blog de Raul Martins Dicas de Viagens, Músicas e Tecnologias em Geral. A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract law recognises and governs the rights and duties arising from agreements. Within jurisdictions of the civil law tradition, contract law is a branch of the law of obligations. At common law, formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound.
Each party must have capacity to enter the contract. At common law, the elements of a contract are offer, acceptance, intention to create legal relations, and consideration. Not all agreements are necessarily contractual, as the parties generally must be deemed to have an intention to be legally bound. A so-called gentlemen’s agreement is one which is not intended to be legally enforceable, and which is “binding in honour only”.
This is typically reached through offer and an acceptance which does not vary the offer’s terms, which is known as the “mirror image rule”. An offer is a definite statement of the offeror’s willingness to be bound should certain conditions be met. 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. In these cases, those accepting the offer are not required to communicate their acceptance to the offeror.