CONTRACT. This term, in its broad sense, includes any description of an agreement or obligation in which a party is required by another party to pay a sum of money or to perform or refrain from a specific act; or a contract is an act that contains a perfect obligation. In its narrowest sense, it is an agreement between two or more people that concerns something to be done, with both parties chasing each other, * or one is related to the other. 1 pow. Contr. 6; Civ. Code of Lo. section 1754; Code Civ. 1101; Poth. Beholden.
Part i.c. 1, p. 1, para. 1; Blackstone, (2 Comm. 442,) defines it as an agreement, after sufficient consideration, to do or not to do a particular thing. A contract was also defined as a pact between two or more people. 6 Cranch, R. 136. 2.
Contracts shall be divided into explicit or implicit contracts. An explicit contract is a contract in which the terms of the agreement are openly stated and declared at the time of manufacture in order to pay a certain price for certain goods. 2 Bl. Com. 443.3. Express contracts are of three types 1. BI parol, or written, as opposed to specialties. 2. Depending on the specialty or under lock and key.
3. Registration. 4.-1. A Parol contract is defined as an agreement, oral or written, not concluded under seal, between two or more persons who are able to tolerate a lawful act, perform a lawful act or refrain from doing something that is not required by law to perform it. 1 Contribution 2 Chit. Contr. 2. 5. It follows from that definition that, in order to form a sufficient Parol agreement, there must be (1). The mutual or reciprocal consent of two or more persons capable of contracting.
Any agreement must be so secure and complete that either party may take legal action against it; and the agreement would be incomplete if one of the parties refused to agree to any of its conditions. Peaks R. 227; 3 T. R. 653; 1 B. & A. 681 1 Choose. R.
278. The agreement must generally be binding on both parties, otherwise it is not binding on either party. However, there are some exceptions to this rule, such as in the case of an infant contract. He can still, although he cannot be sued, take legal action for his contract. Stra. 937. See other cases; 6 East, 307; 3 Mockery. 169; 5 Mockery.
788; 3 B. & C. 232. 6.-2d. There must be a valid and valid consideration, reason or inducement to make the promise on which a party depends, as this is the essence of a contract concluded and must exist, although the contract must be reduced to writing. 7 R.T. 350, note (a); 2 Bl. Room. 444. See this Dict. Consideration; Fonb. Tr.
Gl. 335, n. a) Chit. Bills. 68. 7.-3d. There must be something to do that is not prohibited; or something to be omitted, the accomplishment of which is not required by law. A fraudulent or immoral contract or a contract that violates public order is invalid Chit. Contr. 215, 217, 222: and it is also void if it violates a law.
Id. 228-250; 1 binn. 118; 4 Dall. 298 4 Yeates, 24, 84; 6 garbage cans. 321; 4 Serg & Rawle, 159; 4 Dall. 269; 1 binn. 110 2 Brownes R. 48.
For contracts that are void due to non-compliance with fraud laws, see Fraud, Status of. 8.-2. The second type of express contracts are specialties or those concluded under lock and key, in the form of deeds, obligations and others; they are not only recorded in writing, but delivered by the related party. The solemnity and consideration with which, on the basis of the ceremonies to be observed, it is assumed that a document or volume has entered gives it a meaning and character that does not belong to a simple contract. In the case of a special court, no consideration is required to give it its validity, not even before a court of equity. Plowd. 308; 7 T.R. 477; 4 B. & A. 652; 3 T.R. 438; 3 Bingh.
111, 112; 1 Fonb. Eq, 342, Note If a contract by area of expertise has been modified by a Parol agreement, the whole thing becomes a Parol contract. 2 watts, 451; 9 Select. 298; see 13.71.9.-3. The highest type of express contracts are those that are registered, such as judgments, surety bonds and, in England, merchant and Staple laws and other titles of the same type that are polite with the intervention of a public authority. 2 Bl. Com. 465.
See authentic facts. 10. Implicit contracts are those dictated by reason and justice, and whose law therefore presupposes that every man undertakes to fulfill; as if a man employed another man to do business for him or to do work, the law implies that the former has contractually bound or undertaken to pay the latter as much as his work is worth; see Quantum merwit; or if you take goods from a trader without a price agreement, the law concludes that he enters into contracts to pay for their value. .
