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CHAPTER 2 CONTRACT FORMATION

Construction Law


Page 47

CHAPTER 2

CONTRACT FORMATION


Page 48

I

ntroduction

2.01 A contract may be described as an agreement which by law confers and imposes rights and obligations upon the parties to it.1 The flipside of every contractual obligation is the right of the other party to call for performance of the obligation.2 A contract may be one under which only one party owes obligations to the other party. A contract of guarantee is such a contract. But where, as is usually the


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case in construction and engineering projects, two or more parties promise to each other to do certain things, or to refrain from doing certain things, the contract is bilateral or synallagmatic.3

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