Contract law deals with promises which create legal rights. In most legal systems, a contract is formed when one party makes an offer that is accepted by the other party. Some legal systems require more, for example that the parties give each other, or promise to give each other, something of value. In common-law systems, this promise is known as consideration. In those systems, a one-sided promise to do something does not lead to the formation of an enforceable contract, as it lacks consideration.
When the contract is negotiated, the offer and acceptance must match each other in order for the contract to be binding. This means that one party must accept exactly what the other party has offered.
For there to be a valid contract, the parties must agree on the essential terms. These include the price and the subject matter of the contract.
Contracts may be made in writing or by spoken words. If the parties make a contract by spoken words, it is called an oral contract. In some jurisdictions, certain special types of contracts must be in writing or they are not valid.
Contracts give both parties rights and obligations. Rights are something positive which a party wants to get from a contract. Obligations are something which a party has to do or give up to get those rights.
party-сторона по контракту
