In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date, and the activities and intentions of the parties entering into a contract may be referred to as contracting. Duty of good faith (also implied covenant of good faith and fair dealing or duty to negotiate in good faith) 7Ī contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties.Duty of honest contractual performance (or doctrine of abuse of rights) 6. Liquidated, stipulated, or penal damages 3.UNCITRAL Model Law on International Commercial Arbitration.UNIDROIT Principles of International Commercial Contracts.For other uses, see Contract (disambiguation).
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