1. First semester Lecture #1 Chapter One: Contracts
College of Law, Al-Mustansiriyah U. Fourth Year Course in Mercantile Contracts
First semester
Lecture #1
Chapter One: Contracts

2. Chapter Contents Definition of contracts Classification Formation
Vices of consent
The object in contract and in obligation
Cause
Effects of contract

3. The definition of contracts
A contract is an agreement by which one or several persons bind themselves, in favor of one person or several other persons, to give, to do, or not to do something.
Implications of this definition:
The above definition of contract implies that the parties possess the necessary capacity and that they intend to create legal obligations.

4. Classification of contract
Contract kinds are best clarified via the following diagram
Contract
Bilateral
Unilateral
Gratuitous
Onerous
Commutative
Aleatory
Nominate
Innominate
Consensual
Formal
Real

5. The formation of contracts
This requires two steps: 1- offer (which may be revoked or withdrawn in certain circumstances) and 2- acceptance is what makes a contract come into being. It must meet the offer an may be express or tacit.

6. Term, word and phrase meaning
The meaning for the different terms, words and phrases that appear throughout the lecture: contract, agreement, bind, in favor of, capacity, bilateral, unilateral, gratuitous, intend, onerous, commutative, aleatory, nominate, innominate, consensual, employment, formal, real, imposes, reciprocal, hiring.