Sunday, September 08, 2013

What is the meaning of Contract? Concept and Definition of Contract

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Definition, concept, meaning, what is contract


 Contract

1. Concept of contract

A contract is a private agreement between parties legally recognized. The parties that participate can be physical or legal. Each country has its own management in regards to this topic, more generally emphasizes similarities over differences.
The use of contracts can be traced back to Roman civilization. In this context, can be distinguished the cuasicontratos real contracts, being the first express between parties agreements, while the latter were tacit agreements. You can also distinguish unilateral contracts, which forced one of the parties of the bilateral, obliging the two. Some existing in Rome dates were: transactio, which was an agreement in which the parties agreed to extrajudicially not proceed with litigation; aestimatum, that constistia a part receiving objects to sell them or return them after a time; depositum, which was a deposit that the depositary should return when required it the depositor; locatio conductio, which was what today is known as lease; pignus, consisting of a garment in which a debtor delivery as payment to the creditor carrying out any act or service; Societas, who was a contract in that two people to share profits and losses in a task.
The agreement meets the conditions of any legal act. Thus, the people involved should be considered able and must offer all pressure-free consent, and can, and serving object all marketable thing. In addition, it may be oral or written character. In the case of be written, its parts include: title, which indicates the kind of contract; substantive body, pointing to the parties; exhibition linking relevant events; regulatory body, which includes the normative clauses; close, which consists of a formula that shows how to perform the agreement; and finally, the annexes, explaining some aspects of the contract.
In general, you can say that a contract is the legal representation of a natural disposition of man to reach a consensus with his equal different covenants that represent mutual benefits. The long tradition of this legal form, which dates back thousands of years in time, seems to endorse this idea.


2. Definition of contract

Agreement is a voluntary agreement between two parties, called debtor and creditor. Each part may consist of more than one person, or that there may be more than one debtor and/or more than one creditor bound by the contract. They belong to the genre of legal acts, characterized by bilateral.
The contract gives rise to the debtors, an obligation, contractual call, the source from which it arises, by which must comply in favour of the creditor, a benefit. This benefit can consist in a give (deliver something in property or set on one thing a right in rem) in a do (e.g. build a house) or make (refrain the owner of disturbing the tenant during the term of the contract) or to deliver something in tenure (for example give a House for rent).
Debtors, creditors, in turn, can become when it comes to performance obligations reciprocal. For example, the buyer of a House, must pay the price to the owner, who is the creditor, but once you pay, will become creditor, and the owner in debtor, deliver the property.
Contracts may be consensual, that are finished, and begin to restock its effects, with the agreement of the parties, as happens in a purchase, sale, or can be real, when they begin to have effects from that thing, be delivered as occurs for example in a mutual (consumer lending) for example when it lends money for awhile.
When the debtor does not comply with its obligation, born for contractual liability, you can be sued by the creditor for compliance, and so repairing the damage caused by its failure to comply with, except that alleges that was impossible, proving fortuitous or force majeure that prevented it. For example, who could not paint the piece for which he was hired because he broke an arm accidentally.
The object of the contract must be lawful and the parties must have capacity to contract. In some contracts formalities are required. For example in the purchase sale of real estate is required deed.
Although the contract is considered law between the parties, for reasons of equity provisions cannot agree is on certain contracts. For example, in the contract of employment must be respected regulations, for example on the maximum limit of hours of work, and in doubt this type of contracts are settled in their interpretation in favour of the worker.


3. Meaning of contract

A contract (from the latin Contractus) is an agreement usually depicted on paper or at least established in writing in which parties must assume responsibility of fulfilling each one of there requirements. Contracts are made between people who want to found companies, enterprises, organizations or institutions in which wins him some responsibility to everyone, thus putting up the steps and roles that are established in the contract. Contracts can be of different types: employment contracts, contracts of purchase - sale, leases, inclusive, marriage can be considered an agreement between two people, since this establishes the conditions under which the man and the woman should live.
An employment contract, indicated to each of the parties (employee and employer) what are the functions of this within the company shall exercise where the work will be assigned. Lets you to the employee in writing in this are the functions that it must play, which are tools to be used, the hours in which they must work and the conditions under which to run the action. THE contract for its part must also specify what are the benefits that the employer must comply with the worker, with an emphasis on the wage which will receive the benefits of social security which will have rights worker within the company and the conditions under which the employee will feel safe and respected. There are laws in many countries that regulate the statutes under which employment contracts are held, in order to give each of the parties a fair remuneration and service provided.
The agreements in the form of contract go generally signed with a header of all those involved, in some cases, have seals that are evident memberships and codes of acceptance by superior bodies. All this in order to establish legality and to imply that the parties concerned are all in accordance with the contract.

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