kontrakcijas

Kontrakcijas, commonly known as "contracts" in English, are legally binding agreements between two or more parties that define their rights, obligations, and responsibilities in a specific transaction or relationship. In many languages, including Latvian, the term *kontrakcija* refers to the formal process of entering into such an agreement, often involving written documentation.

Contracts serve as a foundational element in business, law, and personal transactions, ensuring clarity and reducing disputes by outlining terms in advance. They can cover a wide range of subjects, including employment, sales, leases, loans, and partnerships. The validity of a contract depends on key elements such as mutual consent (*akts*), legal capacity of the parties, a lawful purpose (*objekts*), and consideration (something of value exchanged).

In legal practice, contracts are governed by civil law principles, which vary by jurisdiction. For example, in Latvia, contract law is primarily regulated by the Civil Code (*Cilvēktiesību un sabiedrības tiesības*), which establishes rules for formation, interpretation, and enforcement. Breach of contract may result in legal consequences, including compensation for damages or specific performance, depending on the circumstances.

Businesses often rely on standardized contract templates to streamline agreements, while complex transactions may require negotiation and legal review to ensure fairness and compliance. Digital advancements have also introduced electronic contracts, which are legally recognized in many countries, including Latvia, provided they meet the same formal requirements as traditional written agreements. Properly drafted contracts help mitigate risks and provide a structured framework for resolving conflicts.