A contract is a promise or a set of promises which the law will enforce (Chitty on Contracts, 26th edn).
Parties to a private transaction are free to agree between them the terms and conditions of their contractual relationship subject to limitations stipulated by legislation and case law.
Breach of contract will entitle the innocent party to terminate and/or claim a remedy in the form of monetary compensation, seek an injunction and/or declaratory judgement. A contract may also be void ab initio or voidable at the option of the innocent party.
Important considerations regarding this area of law are the formation of contract, the capacity of the parties, the terms of the contract, illegality and public policy, performance and discharge and remedies for breach of contract.