kontrakt

Kontrakt is a legally binding agreement between two or more parties that creates mutual obligations. The term appears in many legal traditions and languages, and in English-language discussions it is used to describe a contract or agreement that the law will enforce. A kontrakt aims to allocate rights and duties and to provide a framework for the exchange of goods, services, money, or other considerations.

Essential elements typically include an offer, acceptance resulting in agreement, and consideration or its equivalent in the relevant jurisdiction. In addition, the parties must intend to create legal relations, have the capacity to contract, and the subject matter must be lawful. Formality varies: some kontrakter must be written to be enforceable, while others can be oral, though proof of terms can be more difficult in the absence of a written record.

Contracts can be bilateral or unilateral, express or implied, and executory or executed. They may be valid, void, voidable, or unenforceable. Civil-law systems tend to emphasize the mutual consent and substantive terms, whereas common-law systems often treat consideration as a factor but still recognize other bases for enforceability, such as estoppel or reliance.

Performance discharges a kontrakt when obligations are fully carried out. A breach occurs when a party fails to perform as promised. Remedies vary and may include damages to compensate the injured party, specific performance or injunctions in appropriate cases, and termination or rescission with possible restitution.

In international settings, contracts may be governed by chosen law or international instruments such as the CISG. Increasing use of electronic contracting and digital signatures has led to broader recognition of enforceability across borders, subject to applicable formal requirements and security standards.