Contract Law

Topics: Contract, Law, Common law Pages: 3 (935 words) Published: October 19, 2008
A contract is a promise between two or more persons involving the exchange of some good or service. Some of the basic elements of a contract include: an offer and an acceptance; "capacity," or being of legal age and sound competence; "mutual assent," or agreement on the terms of a contract; and "consideration," or compensation for goods or services rendered.

The element that distinguishes a contract from an informal agreements is that it is legally binding:the law provides a remedy in the event that the promise is not fulfilled. Bylaw, certain types of contracts must be in writing, but oral contracts are valid in many situations. An oral contract may be held to exist even in the absence of agreement as to all its terms.

Contract provides the same meaning of Turkey and America .so it does not matter whereever you are. There is no differences between two law systems about contract.
Turkish contract Law
Due to the fact that the Turkish Code of Obligations has been adopted from the Swiss Code of Obligations, it is useful to analyze the Swiss legal literature and the court precedents on this subject. The Turkish Supreme Court of Appeals also refers to the Swiss legal literature and case law in a number of its decisions

Under Swiss law, the “two-stage theory” (Zweistufentheorie) applies to determine the legal regime which would apply to the private law contract executed for the performance of some services of the administration by private law persons.

The first stage takes place before the execution of the relevant contract with the private law entity. This stage consists of the commencement of a bid or similar process, principles to be followed in this regard, realization, and finalization of bidding procedures. All sorts of acts and procedures carried out by the Administration during this first stage have an “administrative” nature and are subject to the rules of administrative law.

The second stage is, however, is...
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