Brief Overview of the Contract – Formation, Content and Types
Brief Overview of the Contract – Formation, Content and Types

Author(s): Hristina Tancheva
Contributor(s): Savina Mihaylova-Goleminova (Editor)
Subject(s): Law, Constitution, Jurisprudence, Civil Law, Commercial Law
Published by: Сиела Норма АД
Keywords: freedom of contract; privity of contract; good faith; offer; acceptance; general terms; essential content; conclusion
Summary/Abstract: The contract is the most important source of rights and obligations in the field of civil law. It is a legally binding agreement that may be enforced by law in case of breach. The parties are free to negotiate and conclude a contract that meets their interest as the process of conclusion includes an offer and acceptance. The parties must negotiate in good faith as they are not obliged to accept the offer but once the agreement is concluded it is binding for them and cannot be amended or terminated unilaterally unless the law or the contract provides otherwise. Most of the contracts are informal and can be concluded orally without written document or notary certification. However, in certain cases the law provides for a specific form of the agreement and if it is not met the contract is invalid. We also have real contracts where in addition to the agreement, delivery of an item is required.

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