– The Restatement (second) of contract defines a contract as “a promise or set
of promises for breach of which the law gives a remedy or the performance of
which the law in some way recognizes a duty”
– According to Article 385 of the 2015 Vietnam Civil Code, “A contract is an
agreement between the parties on the establishment, change or termination
of civil rights and obligations”
– There are three elements necessary for the formation of a VALID contract
which is OFFER, ACCEPTANCE, AND CONSIDERATION. If lack of one element
of the presence of a problem can make the contract INVALIDATE.
– A contract is formed when two parties with the intent to enter into a contract
agree to do certain lawful acts in a mutual exchange of detriment.
– Breach of Contracts occurs when one party to the contract does not fulfill
their obligation to the other party (when one party breaks the terms of an
