A contract is enforceable by what law?

Answer 1

Contracts are not enforceable by law, rather by the principles that are enforced by the courts. If a contract exists ( which is always a question posed by the court ), and there is a breach of contract, the courts will apply precedent and principles from the previous cases to determine the matter. There is to an extent a concept of common law meaning court made law that regulates this area, but there is no law as such that regulates the law of contract. No law of parliament is generally used in this kind of law.

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Answer 2

A contract, which is a legally-distinct concept from a legally-enforceable promise, is enforceable when (1) it is deemed valid at law, that is, when there are no defenses to formation; and, (2) its enforceability at law or in equity is not negated by any valid defenses to enforcement.

A contract is formed when three elements are satisfied: (1) an offer is validly made and communicated; (2) an acceptance is validly made and communicated; (3) consideration supporting the contract is deemed to exist in the form of a bargained-for exchange or a detriment is deemed to accrue to at least one of the parties.

A corresponding offer and acceptance is known as mutual assent. Each must be sufficiently articulable and communicable for the parties to be able to cognize the bargain. Even where mutual assent exists, lack of consideration is a valid defense to contract formation. Other defenses are: (1) lack of capacity to enter into a contract; (2) duress; (3) unconscionability; (4) equitable estoppel; (5) frustration of purpose; (4) mistake of fact; (5) mistake of law; (6) impossibility of performance; (7) illegality; and (6) a defense to enforcement is applicable by provision of the statute of frauds.