Contract Notes Chapter 1 – The nature of contract Week 1: Introduction to Contract Law ● The Idea of Contract ○ A contract is commonly defined as an agreement or set of promises that the law will enforce (i.e. for breach of which the law will provide a remedy)' B Coote, 'The Essence of Contract Law – Part 1' (1988) 1 ​JCL ​91, 94-97 ○ Classical understanding of contract – a contract an expression of the joint will of parties engaged in a transaction. On this view, contractual obligations are voluntarily assumed and sharply distinguishable from obligations imposed by the law of tort. ■ The role of law is to facilitate the freedom of the parties to create their own private law. ○ Contracts can give or take away rights: Fine prints