Look up Contraction in Wiktionary, the free dictionary.
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contract, and the party deceived would not otherwise have entered into it, it is only fair that the deceived party should be able to protect himself from injury by retiring from the agreement.
Contracts, then, entered into because of accidental mistake which was induced by the fraud or misrepresentation of the other party, will be rescindable at the option of the party deceived.
contract imposes on the contracting parties an obligation of justice to act conscientiously according to the terms of the agreement.
A parol contract is defined to be a bargain or voluntary agreement made, either orally or in writing not under seal, upon a good consideration, between two or more persons capable of contracting, to do a lawful act or to omit to do something, the performance whereof is not enjoined by law.
Commutative contracts are those in which what is done, given or promised by one party is considered as equivalent to, or in consideration of what is done, given or promised by the other.
Contracts of beneficence which are those by which only one of the contracting parties is benefited, as loans, deposit and mandate.
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