1.Form of an enforceable contract

Under the common law, a promise becomes an enforceable contract when there is an offer by one party (offeror) that is accepted by the other party (offeree) with exchange of legally sufficient consideration (a gift or donation doesn’t generally count as consideration); there is a equation: offer + acceptance + consideration = contract. An enforceable agreement may be manifested in either written or oral words (an express contract) or by conduct or some combinations of conduct and words (an implied contract). There are exceptions to this general rule. Ex. The Statute of Frauds requires that all contracts involving the sale real property be in written. In a contractual dispute, certain defences to the formation of a contract may permit a party to escape his/her obligations under the contract. Ex: illegality of the subject matter, fraud in the inducement, duress and the lack of legal capacity to contract all enable a party to attack the validity of a contract.

2.Essential terms of contract

Contract is an agreement reached between two or more parties, which is legally enforceable when executed in accordance with specific requirements. A contract is formed when one party makes an offer that is accepted by the other party. Some legal systems require more for example that the parties give each other or promise to give each other something of value ( consideration).When the contract is negotiated, the offer and acceptance must match each other in order for the contract to be binding. The parties must agree on the essential terms. These include the price and the subject matter of the contract. Contracts may be made in writing or by spoken words( oral contract). In some jurisdictions certain special types of contracts must be in writing or they are not valid. When a party doesn’t do what it is required to do under a contract that party is said to have breached the contract. The other party may file a lawsuit against the breaching party for breach of contract. The non- breaching party may try to get a court to award damages for the breach. In general the following terms should be included in any contract:  -parties -Definitions and interpretations -Price -Specific description of the goods or services that will be provided under the contract -Term of contract (срок договора) -The liability for breaching of a contract -Termination provisions -Dispute resolution- the procedure to be followed if the parties have a dispute -Warranties.

3.Defences to contract formation

When analysing a contractual dispute, certain defences to the formation of a contract may permit a party to escape its contractual obligations. For example, illegality, fraud in the inducement, duress and the lack of legal capacity to contract all enable a party to attack the validity of a contract.

There are various circumstances that may arise which make a contract void for illegality. Illegality of the subject matter refers to situations where the basis of the contract itself is illegal (ie the sale of illegal drugs). Contracts can also be deemed illegal, or contrary to public policy, where the consideration for the contract is illegal (ie a promise to provide sexual favours in return for a new automobile).

Fraud in the inducement is when one party is intentionally misled about the terms, quality or other aspect of the contractual relationship that leads the party to enter into the transaction.

Duress refers to situations where one party induces (=causes or influences) another into entering into a contract by use or threat of force, violence, economic pressure or other similar means.

A lack of legal capacity occurs when one party does not have the ability to enter into a legal contract, ie is not of legal age (too young) or is mentally incapable of understanding the nature of an agreement.

In some cases, individuals or companies who are not a party to a particular contract may nevertheless have enforceable rights under that contract. For example, contracts made for the benefit of a third party (third party beneficiary contracts)may be enforceable by the third party. An original party to a contract may also subsequently transfer his or her rights/duties under the contract to a third party through an assignment of rights or delegation of duties.The third party transferee of rights is called the assignee and the transferee of duties, the delegate.

5.Types of contract remedies

When there has been a breach of contract, the non-breaching party will often seek remedies available under the law. This area of the law, known as 'remedies', is a broad area, but can be summarised generally. A victim of a tort may have several possible remedies available under tort laws. There are three basic types of remedies in tort law: Legal Remedies (“damages”), Restitutionary Remedies, and Equitable Remedies.  Legal Remedies for Torts: Also known as “damages”, these are monetary payments made by the defendant for the purpose of compensating the victim for their injuries, losses, and pain/suffering. These are calculated according to the victim’s losses rather than the tortfeasor’s gains. Punitive damages may be added in some types of tort claims. Restitutionary Remedies: These are also meant to restore the plaintiff to a position of “wholeness”, as close as possible to their state before the tort occurred.  Restitutionary damages: These are similar to damages, except that they are calculated based on the tortfeasor’s gain rather than the plaintiff’s losses. Equitable Remedies: These are available where monetary damages will not adequately restore the victim to wholeness. These can include: Temporary Restraining Order: Victims of physical harm or harassment may obtain a restraining order, which prevents the defendant from making contact with or coming near to the plaintiff. Temporary or Permanent Injunction: An injunction may either prohibit unlawful activity by the defendant or it may order them to take affirmative steps (утвердительные шаги) . Injunctions are common in trespassing and nuisance tort claims. Finally, there are other remedies available; for example, if there has been a default by one party, the other party may rescind (отменять) or cancel the contract. The constitutes an undoing of the contract from the very beginning. In addition, legislation such as sale of goods legislation also allows for various remedies including a right to reject goods in certain cases and a right to return or demand repair or replacement.