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Simple English definitions for legal terms
statutory contract
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A quick definition of statutory contract:
A statutory contract is an agreement between two or more parties that creates obligations that can be enforced by law. It can be a written document or a verbal agreement. The term "contract" can refer to the agreement itself or the physical document that contains the agreement. A contract is a promise or set of promises that the law recognizes as a duty, and if someone breaks the promise, the law provides a remedy.
A more thorough explanation:
A statutory contract is a type of contract that is created and governed by a specific law or statute. It is an agreement between two or more parties that is legally enforceable.
For example, a contract between an employer and an employee may be governed by the employment laws of a particular state. This means that the terms of the contract must comply with the requirements set forth in the law.
Another example of a statutory contract is a lease agreement between a landlord and a tenant. The terms of the lease must comply with the landlord-tenant laws of the state in which the property is located.
These examples illustrate how a statutory contract is created and governed by a specific law or statute. The terms of the contract must comply with the requirements set forth in the law, and any disputes that arise may be resolved through legal action.