Contract law is a type of law of obligations, consisting of legal norms aimed at regulating relations between participants in civil law turnover arising from the conclusion of various agreements by such participants. Contract law, in turn, can be divided into institutions of separate contractual obligations depending on the subject of the contract (for example, lease, contract, provision of services, purchase and sale, etc.).
Relevance of contract law and its operation
Contract law becomes more and more relevant every year. This is due to an increase in the professionalism of participants in civil law relations, including contractual ones. Despite the fact that the current legislation allows some types of transactions to be concluded orally (for example, purchase and sale), the parties to the contractual relationship in most cases resort to the written form of the contract. This approach, first of all, guarantees that the parties comply with the obligations enshrined in the contract and guarantees them a certain list of rights.
However, it should be noted that the written confirmation of the transaction in the form of a contract does not guarantee its legality in itself. The current legislation contains a number of restrictions and mandatory provisions that cannot be changed by agreement of the parties, that is, in the concluded agreement. Thus, when drawing up a contract, one should not forget about the triumph of the law over the agreement of the parties.
A professionally drafted contract becomes a tool that guarantees the success of the upcoming transaction. Such an agreement should clearly regulate the relationship between the parties, both in the event that the parties fulfill their obligations and in the event of violation by one of the parties of the terms of the agreement. In this case, the contract turns into an instrument for protecting the interests of the parties.
Legislative regulation of contract law
The current legislation contains a lot of rules and regulations governing the considered branch of law. Despite the fact that the law is aimed at protecting the interests of each party to the contractual relationship, the latter, nevertheless, contains a lot of "blank" spots and ambiguous points. That is why today there are a great many companies specializing in the legal support of transactions.
Currently, there is an active reform of civil legislation in the field of contract law. Many of its areas have already undergone significant changes (for example, pledges and cessions). In addition, many key novels have not yet become part of the current legislation, but are already being implemented within the framework of judicial lawmaking. In connection with the foregoing, when using contract law, one should be extremely careful both to the current legislation and to the established judicial practice.
Summarizing the above, it is worth noting that contract law is one of the most important subsectors of civil law today. Contractual relationships emerge everywhere: from agreements between individuals to global contracts. And although the legislation regulates such relations in a certain part, many aspects of the emerging relationship remain at the discretion of the parties.
