Kontrakti

Kontrakti are legally binding agreements between two or more parties that create rights and obligations. The term is used in several languages as a plural form of kontrakt and is often synonymous with contract or agreement in business and legal contexts. Contracts can regulate the exchange of goods, services, money, and information, and they may cover terms such as price, timelines, warranties, confidentiality, and dispute resolution. They can be written, oral, or a combination, although some jurisdictions require written contracts for certain transactions or to prove certain terms.

A contract typically requires several elements: an offer, an acceptance of that offer, consideration or an equivalent exchanged value, the intention to create legal relations, and the legal capacity of the parties. In civil-law systems, formalities and consent often fulfill the formation requirement, while some common-law systems also rely on consideration. The terms must be lawful and not against public policy. Ambiguities in contract terms can lead to disputes and require interpretation by courts or arbitrators.

Formation and performance center on duties to perform as agreed and to comply with terms within set deadlines. If a party fails to perform, the contract may be breached, leading to remedies such as damages, specific performance, injunctions, or termination and restitution. Breaches can be material or anticipatory and are assessed against the contract’s terms and the parties’ expectations.

Contracts vary widely, including sales, service, employment, lease, and construction agreements. Boilerplate clauses, governing law, dispute resolution, and remedies are common. With digitalization, contracts are increasingly formed and executed electronically, and smart contracts on blockchain platforms automate performance when predefined conditions are met, raising both opportunities and legal considerations for enforceability and verification.