What is a contract?
What is a contract?
Definition of a contract
A contract is an agreement between two or more parties to do a specific thing. That agreement can be in writing or it can be a verbal agreement.
A contract is an agreement
A contract is an agreement meaning there has to be an agreement to do something. As you know you cannot have an agreement with yourself by yourself and for yourself . Therefore, this agreement should be between two or more parties who will agree on something.
A contract can be in writing
A contract can either be in writing or it can be verbal. It can be a written document, for example you can have a contract in writing done by an attorney. There have been some cases on which a contract had to be determined because it was written down on a napkin. It can also be typed out or hand written depending on various circumstances just to give a few examples.
A contract can be verbal
A contract can also be verbal. Meaning that two people can talk together and agree to perform a specific thing.
A contract is for a specific thing
Lastly, such a contract should be for the performance of a specific thing. It has to be an agreement to do something. Therefore, it cannot be a blank agreement with nothing to be done.
Examples of a contract:
- Employment contract
- Lease contract
- Sale contract
References:
A.L. Liuzzo, “Essentials of Business Law”, McCraw-Hill, New York, 2013.
T. Naude, J. E. Du Plessis, S. Eiselen, T .Floyd, L. Hawthorn, B. Kuschke, C. Maxwell, “The Law of Contract in South Africa”, Oxford University Press Southern Africa, 2018.
R. H. Christie, G. Bradfield, “Christie’s the Law of Contract in South Africa”, LexisNexis, 2022.
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