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2 A contract is an agreement between two or more persons (individuals, businesses, organizations or government agencies) to do, or to refrain from doing, a particular thing in exchange for something in value. Contracts generally can be written, using formal or informal terms, or entirely verbal. Contracts are governed by ``general principals`` and are usually derived from the common law (or judge-made law). However on the other hand, Professor Atiyah (1968b) argues that, ``there are no such things as a typical contract at all``. It was argues that ``contracts`` are a discrete, two-party, commercial, executory exchange, but notes that contracts can be found which depart from each feature of this classic model. Furthermore, Atiyah perceived the law of contract as a set of power-conferring rules that enable parties to enter into agreements of their own choise on their own agreed terms. The dominant ideology is that contractual parties should be...

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