Definitions

Let's discover the common definitions in Construction Contracts.

Definitions of Contract

Egypt

"A contract is an agreement between two or more parties that creates, modifies, or extinguishes obligations."

• Article 89 of the Egyptian Civil Code

KSA

"A contract is concluded by the concurrence of an offer and acceptance to create a legal effect, subject to the legal provisions governing the conclusion of contracts."

• Article 31 of CTL "Civil Transactions Law" in KSA

UK

A contract is a legally binding promise (written or oral) by one party to fulfil an obligation to another party in return for consideration. A basic binding contract must comprise four key elements:

• offer,
• acceptance,
• consideration, and
• intent to create legal relations.

These Definitions introduce the concept of Contracts, the essential elements that make a contract legally binding, and also introduce further topics such as Offer, Acceptance, Consideration, and Intent.