What Is A Agreements In Law

Innocent parties can only revoke (terminate) the contract for a serious breach (breach of condition)[134][135], but they can always claim damages if the breach caused foreseeable damage. Common examples of contracts include non-disclosure agreements, end-user license agreements (both, although referred to as „agreements“), employment contracts, and accepted orders. Regardless of how it is named, as long as an agreement contains the necessary elements of a contract listed above, a court can apply it as such. Contract law is based on the principle expressed in the Latin expression pacta sunt servanda („Agreements must be respected“). [146] The common law of contracts arose from the assumpsit order, which was originally a trust-based offence.