A contract is an agreement between two or more persons.

A contract is an agreement between two or more persons (individuals, businesses, organizations or government agencies) to do, or to refrain from doing, a particular thing in exchange for something in value. Contracts generally can be written, using formal or informal terms, or entirely verbal. Contracts are governed by ``general principals`` and are usually derived from the common law (or judge-made law). However on the other hand, Professor Atiyah (1968b) argues that, ``there are no …

…second and the third postulate of the ``Rule of Law`` and rigidness of the law can lead to anarchy in the English Legal System. Therefore it can be concluded that warranties and conditions should be abolished for good and replaced by innominate terms that look at the contract as a whole, and therefore 13 providing the society with full heart , strength and belief that they are safe from injustice due to the breach of contractual terms.