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Principles of Law of CONTRACT A contract is an agreement enforceable by law Whenever an agreement is considered as binding and obligatory by the court in the sense that whoever fails to fulfill it may be sued that agreement is a contract Sir Williams Arson in his book Principles of the laws of contract defined a contract as a legally binding agreement made between two or more persons by which rights are acquired by one or more to acts as forbearances on the part of the other or others However some agreements are not contracts Mere domestic agreement between husband and wife is usually not intended to be binding and are therefore not contracts Contracts can be classified as any of the following 1 Simple contract Simple or parol contracts are by far the most common and important variety They are informal they can be oral or written or implied by conduct It must posses the following An offer and unqualified acceptance Valuable consideration Genuineness of consent Parties must have capacity to enter into the contract The law of domicile a persons domicile is the country in which he resides with intention to remain there permanently generally governs this It must be legal Possibility of performance Certainty of terms the parties must make their intentions clear 2 Contract by record These are obligations whose terms are recorded by court records They are not true contracts since the obligations of the parties arise independently of any agreement and solely by reason of entry upon the court records They can be judgement imposed by the court a legal obligation or recognizances which could be a written acknowledgement of debt etc 3 Contract by deed A contract by deed is a promise written on paper or parchment signed sealed and delivered either actually or constructively by the promisor to the promisee or his agent It
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