lilypadfrog
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Simple English definitions for legal terms
Sanctity of contract
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A quick definition of Sanctity of contract:
The sanctity of contract means that when two or more people agree to something and sign a contract, they must keep their promises and do what they agreed to do. It's like a promise that you make to someone, and you have to keep it. This is important because it helps people trust each other and do business together.
A more thorough explanation:
The sanctity of contract is a principle that states that once two parties enter into a contract, they must fulfill their obligations under that contract. This means that they must do what they promised to do in the contract, and they cannot back out of the contract without consequences.
For example, if you sign a lease agreement with your landlord, you are obligated to pay rent for the duration of the lease. If you fail to pay rent, your landlord can take legal action against you to enforce the contract.
Another example is when a company hires an employee and agrees to pay them a certain salary. The company must pay the employee the agreed-upon salary, and the employee must perform the duties outlined in their job description.
The sanctity of contract is important because it ensures that parties can rely on the promises made in a contract. If parties could easily back out of contracts, it would be difficult to conduct business and make agreements with others.