Contract Law

944 Words Oct 29th, 2008 4 Pages
Contract A contract is a promise between two or more persons involving the exchange of some good or service. Some of the basic elements of a contract include: an offer and an acceptance; "capacity," or being of legal age and sound competence; "mutual assent," or agreement on the terms of a contract; and
"consideration," or compensation for goods or services rendered. The element that distinguishes a contract from an informal agreements is that it is legally binding:the law provides a remedy in the event that the promise is not fulfilled. Bylaw, certain types of contracts must be in writing, but oral contracts are valid in many situations. An oral contract may be held to exist even in the absence of agreement as to all
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Legally binding contracts can, and often are, oral in nature. Oral contracts can be enforceable by US courts. Contracts are reduced to writing and signed by parties to the contract largely to provide objective proof that a contractual relationship exists, and to provide written guidance as to the terms and conditions thereof. Without written documentation that shows a contractual relationship exists, it can be quite difficult and time consuming to prove the terms of a contract in a dispute and can include protracted litigation. In basic terms, a common law contract is not a promise to complete (or refrain from completing) an action. First of all, we do not have the Turkish equivalent of the American Statute of Frauds under Turkish Laws, since judiciary systems are quite different in
Turkey and USA. In Turkey, we have Civil Law system, where codes make the law, whereas in USA, you have Common Law system, where the legislations are made by the court precedents. That is why, we may not be able to find exactly compare between two law system. Finally if we take a look at those two contract law systems ,there is a big difference about the judiciary systems . I think the USA judiciary system is little bit better than Turkish systmem because Turkish system based on

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