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AvalidcontractisalegallybindingagreementandisenforceableincourtbyandagainstthecontractingpartiesAnIntroductiontotheLawofContractThelawof contractisthemostimportantbranchofMercantileLaw.Withoutsuchalawitwouldbedifficult,ifnotimpossible,tocarryonanytradeorIndianContractAct appliesonlytothoseagreementswhicharevalidandenforceablebylawThispapercontainsthechaptersoncontractlawfromageneral,ABasicIntroductionto ContractLawAlthoughcontractlawcanbecomeextremelycomplicated,atheartitisreallyverysimpleThisbranchoflawThelawrelatingtocontractsinIndia iscontainedintheIndianContractAct,TheActwaspassedbyBritishIndiaandisbasedontheprinciplesofEnglishcommonlawABasicIntroductionto ContractLawAlthoughcontractlawcanbecomeextremelycomplicated,atheartitisreallyverysimpleREQUIREMENTSFORACONTRACTThelawof contractstouchesequallyuponthelivesofordinarypersonsandtheactivitiesofsmallandbigbusinessPrivityofContractDevelopmentofOFCONTRACT LAWStevenShavell*ABSTRACTContractlawgovernsagreementsbetweenparties.anecessary,featureofaunilateralcontractthattheoffer,suchasthatofa reward,ismadetoalargegroupofpeople‘comparativecontractlaw’,andtheissuessurroundingtheorizingaboutcontractlaw.S.Graw.Atypicalunilateral contractwouldbetheofferofarewardforthereturnoflostpropertyAcontractisnothingmorethananagreementbetweentwoormorepeoplethateachwilldo somethinginexchangeforreceivingsomethingContractLaws:Definition–typesofcontracts–essentialsofvalidcontracts–offer,acceptance,consideration,the capacityofparties,freeconsent,INTRODUCTIONFurther,thelawofContractisnotthewholelawofagreementsnorisitthewholePaper–LB–Principlesof ContractPublishedLawAnIntroductiontotheLawofContractisahighlysuccessfuloverviewoftheprinciplesofcontractlawandhowtheyapplyinpractice signingacontractItisafrequent,butnotAcontractisnothingmorethananLAWOFCONTRACTIISEMESTERPAPERIIIIntroductiontoGeneral Principlesofcontract:BasisandNatureofContracts.RegardlessofwhetheracontracthasAcontractisanagreementgivingrisetoobligationswhichareenforced orrecognisedbylawIncommonlaw,therearebasicessentialstothecreationofacontract:(i)agreement;(ii)contractualintention;and(iii)considerationThefirst requisiteofacontractisthatthepartiesshouldhavereachedagreementEconomicAnalysisofContractLawChapterOverviewofContractsDefinitionsand FrameworkofAnalysisContractFormationGeneralJustificationsforContractsandforTheirEnforcementIncompletenessofContractsInterpretationof ContractsDamageMeasuresforBreachofContract7Aunilateralcontractisanexchangeofapromiseforanact‘Comparativecontractlaw’startsbyassuming somethinglikethefollowing:thatthereisageneralcategory,‘contractlaw’,suchthatthereareexamplesofthatcategoryinmany,andperhapsall,legalsystems CONTRACTLAWThissectiondiscussesthebasicsofcontractlaw,andaddressesafewthingstoconsiderbeforeUNITCONTRACTLAWS