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According to many modern legal scholars, the most important classification of contracts is that of contracts consensu, which only require the consent of wills to create obligations, and formal contracts, which have to be concluded in a specific form in order to be valid (for example, in many European countries a contract regulating the purchase ...
Consensu [1] or obligatio consensu [2] or obligatio consensu contracta [3] or obligations ex consensu [4] or contractus ex consensu [5] or contracts consensu [6] or consensual contracts [2] or obligations by consent [4] are, in Roman law, those contracts which do not require formalities.
An illusory promise, or one which the promisor actually has no obligation to keep, does not count as consideration. The promise must be real and unconditional. This doctrine rarely invalidates contracts; it is a fundamental doctrine in contract law that courts should try to enforce contracts whenever possible.
An obligation is a course of action which someone is required to take, be it a legal obligation or a moral obligation. Obligations are constraints; they limit freedom. People who are under obligations may choose to freely act under obligations. Obligation exists when there is a choice to do what is morally good and what is morally unacceptable. [1]
Pacta sunt servanda [1] ("agreements must be kept.") is a brocard and a fundamental principle of law which holds that treaties or contracts are binding upon the parties that entered into the treaty or contract. [2] It is customary international law. [3]
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Contract law regulates the obligations established by agreement, whether express or implied, between private parties in the United States. The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law.
AWB Simpson, 'The Horwitz Thesis and the History of Contracts' (1979) 46(3) The University of Chicago Law Review 533; Books. G Gilmore, The Death of Contract (1974) PS Atiyah, The Rise and Fall of Freedom of Contract (Oxford 1979) AWB Simpson, A History of the Common Law of Contract: the Rise of the Action of Assumpsit (1987)