Definition of contract law
English contract law
English contract law is an influential body of law regulating the law of contract that operates in England and Wales. Its doctrines form the basis of contract law across the Commonwealth, including Australia, Canada, New Zealand contract law, India and South Africa, as well as the United States and the wider common law world. It also influences international law.
According to legal scholar Sir John William Salmond, a contract is "an agreement creating and defining the obligations between two or more parties".
In English law, there are three key requirements for the creation of a contract. These are agreement, consideration and an intention to create legal relations. To these key requirements, others can be added. For instance, in contracts for land formal requirements (ie writing the contract down and having it witnessed) are necessary to effect a sale. Also, parties to must have the capacity to contract and must be freely exercising their informed consent to the agreement.
Source: Wiktionary. Published under the Creative Commons Attribution/Share-Alike License.