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A contract is one of the basic social and legal institutions in modern society. A contract frames and coordinates human interactions. It is an agreement that creates, assigns, delegates, and transfers rights and obligations, tangible and intangible goods, services, and entitlements between the contracting parties, relying on their voluntary, rational, and deliberate consent. Today, contractual relationships among persons, communities, organizations, and states emerge as an alternative or at least as an amendatory legal instrument of market coordination and state regulation. A contract binds person to person, person to organization, organization to organization, person to society, person to state, and state to state in private, social, economic, and political affairs.

Since contracts embrace almost all aspects of human affairs from business to marriage, it is difficult to ...

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