The promises made by the parties define the rights and obligations of the parties. The contract allows parties to define their relationship, it is the means of structuring relationships . The fundamental principle of the binding nature of contracts (pacta sunt servanda) requires that the agreement be made at arm's length.
Contract law is sometimes described as a system of private law-making. Contract is the basis for business relationships, it is the means of structuring commercial relationships. Businesses have a large range of autonomy in setting the terms of their contracts. Contracts create the private law which will govern the relationship between the parties, they create the individual norms.
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