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Contracts

A contract is one of the basic social, economic, and legal instruments of modern society. Contracts frame and coordinate human interactions. A contract 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. Contractual relationships among persons, communities, organizations, and states serve as an alternative to, or at least an amendatory legal instrument of, market coordination and state regulation. Contracts bind 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.

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

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