Editing Contracts/Definitions
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The duty imposed by law on the parties to a contract to perform their undertaking constitutes the obligation of the contract.<ref>''[[Ogden v. Saunders]]'', 12 Wheat. (U. S.) 213, 257, 6 L/ ed. 606; ''[[Mobile L. Ins. Co. v. Randall]]'', 74 Ala. 170, 177; ''[[State v. Carew]]'', 47 S. C. L. 498, 91 AmD 245; ''see [[Charles River Bridge v. Warren Bridge]]'', 11 Pet. (U. S.) 420, 572, 9 L. ed. 773, 938 (where it is said that a contract "is an agreement between two or more persons to do or not to do a particular thing. The obligation of the contract is founded in the terms of the agreement, sanctioned by oral and legal principles").[</ref> | The duty imposed by law on the parties to a contract to perform their undertaking constitutes the obligation of the contract.<ref>''[[Ogden v. Saunders]]'', 12 Wheat. (U. S.) 213, 257, 6 L/ ed. 606; ''[[Mobile L. Ins. Co. v. Randall]]'', 74 Ala. 170, 177; ''[[State v. Carew]]'', 47 S. C. L. 498, 91 AmD 245; ''see [[Charles River Bridge v. Warren Bridge]]'', 11 Pet. (U. S.) 420, 572, 9 L. ed. 773, 938 (where it is said that a contract "is an agreement between two or more persons to do or not to do a particular thing. The obligation of the contract is founded in the terms of the agreement, sanctioned by oral and legal principles").[</ref> | ||
'''A well-recognized distinction''' is drawn between a contract itself and its obligation. The contract is the agreement of the parties; the | '''A well-recognized distinction''' is drawn between a contract itself and its obligation. The contract is the agreement of the parties; the oblivation is the remedy which the law affords for its enforcement. <ref>''[[Moore v. Holland]]'', 16 S. C. 15.</ref> | ||
The existence of such an obligation is essential to the existence of a contract.<ref>''[[United Transp., etc., Co. v. New York, etc., Transp. Line]]'', 180 Fed. 902; ''see [[Quinn v. Shields]]'', 62 Iowa 129, 139, 17 NW 437, 49 AmR 141 (where it is said that a "contract," in its more extensive sense, includes every description of agreement or publication whereby one party becomes bound to another to pay a sum of money, or to do or omit to do a certain act; or a contract is an act which contacts a perfect obligation).</ref> The questions of what acts impair the obligations of contracts,<ref>[[Constitutional Law]]</ref> and of what are contracts within the scope of the constitutional protection,<ref>[[Constitutional Law]]</ref> are elsewhere treated. | The existence of such an obligation is essential to the existence of a contract.<ref>''[[United Transp., etc., Co. v. New York, etc., Transp. Line]]'', 180 Fed. 902; ''see [[Quinn v. Shields]]'', 62 Iowa 129, 139, 17 NW 437, 49 AmR 141 (where it is said that a "contract," in its more extensive sense, includes every description of agreement or publication whereby one party becomes bound to another to pay a sum of money, or to do or omit to do a certain act; or a contract is an act which contacts a perfect obligation).</ref> The questions of what acts impair the obligations of contracts,<ref>[[Constitutional Law]]</ref> and of what are contracts within the scope of the constitutional protection,<ref>[[Constitutional Law]]</ref> are elsewhere treated. |