CONTRACT LAW

The law of contract is concerned with contracts, i.e., legally enforceable agreements.

The distinguishing feature of this branch of law is that it does not set out specific rights and obligations for

individuals.

“…the law of contract is intended to ensure that what a man has been led to expect shall come to pass; and that

what has been promised to him shall be performed.” - Sir William Anson

A contract, according to Salmond, is an agreement that creates and defines obligations between the parties. Briefly put, it is a

legally enforceable agreement.

Instead, it consists of restraining principles, subject to which individuals (parties to a contract) can determine, for

themselves, the rights and obligations to which they will be subject.

Such contractual rights and obligations are legally protected and enforceable.

The primary purpose of the law of contract is to create certainty in commercial and other transactions.

It is the most significant part of commercial law as agreements constitute the very source of commercial

transactions. Trade and commerce virtually survive and thrive on agreements.

The importance of this branch of law is evidenced by the very fact that contracts have become an everyday

routine part of the lives of individuals.

For instance, while signing up on a website, when we accept the terms and conditions of use of the website, we enter into a contract with the proprietors of the website.

Similarly, when we get a seat booked in a train, we enter into a contract with the railway authority. With such pervading

presence of contracts in our lives, we cannot but ignore the significance of the law of contracts.

As a result, contract law has become a distinctive field of study for both law and finance students. Often times, students find it difficult to complete their contract law

assignments due to time or social constraints.

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