The Ability To Contract - An Essential Condition In Everyday Life

The contract is one of the most common forms of the legal act today. Practically, the contract represents a fundamental legal institution of the law that was and continues to be the main source of obligations, through which the circulation of goods, the provision of services and, in general, the satisfaction of the material and spiritual needs of people are achieved. In the traditional conception of contractual liability, it is closely related to the idea underlying the principle of the binding force of the contract. Since the contract has the force of a law in the relations between the parties, it is considered that the pendant of this principle is that each party must be responsible for the possible non-compliance with its "law", therefore for the violation of the "private norm" that the contract generates. The conclusion of the contract implies not only the realization of the agreement of will but also the valid formation of this agreement in terms of the capacity of the parties, the content of the will and the validity of the object.