ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
From the web's #1 provider of ratio analysis / financial analysis
With over 3,600 accounting terms and growing, we are the Internet's most complete and popular accounting dictionary of accounting terms. Ranked #1 by all major search engines for: Accounting Terms, Accounting Dictionary, and Accounting Glossary.
Your requested accounting terms definition is below. If you require additional accounting glossary definitions, please enter the accounting terms you require.
CONTRACT LAW Definition
- CONTRACT LAW
CONTRACT LAW is that body of law which regulates the enforcement of contracts. Contract law has its origins thousands of years ago as the early civilizations began to trade with each other, a legal system was created to support and to facilitate that trade. The English and French developed similar contract law systems, both referring extensively to old Roman contract law principles such as consensus ad idem or caveat emptor. There are some minor differences on points of detail such as the English law requirement that every contract contain consideration. More and more states are changing their laws to eliminate consideration as a prerequisite to a valid contract thus contributing to the uniformity of law. Contract law is the basis of all commercial dealings from buying a bus ticket to trading on the stock market.
