Kontrakts

Kontrakts, often rendered in English as contract, is a legally binding agreement between two or more parties that creates enforceable obligations. It governs rights and duties, such as the sale of goods, employment, or the provision of services. The term is used in several languages and legal traditions, with specifics varying by jurisdiction.

To form a kontrakts, most systems require: an offer, an acceptance, and consideration or a valid equivalent; an intention to create legal relations; clear and certain terms; and capacity and legality of the parties. Some contracts must be in writing to be enforceable.

Contracts come in many forms. They can be written or oral, express or implied by conduct. They may be bilateral or unilateral, and include consumer contracts, employment agreements, sales and service contracts, leases, and framework or master agreements. Standardized terms are common in many contexts.

Performance depends on meeting the agreed terms. Breach occurs when a party fails to perform as promised. Remedies include damages, specific performance, rescission, restitution, or injunctions. Situations such as impossibility, impracticality, or frustration can discharge obligations.

Contract law seeks predictability and consent. Enforceability may be affected by statutes of limitations, capacity issues, legality, and public policy. International contracts often address choice of law and dispute resolution, including mediation or arbitration, to manage cross-border enforceability.