Neo-classical contract

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A Neo-classical contract is a form of contract, defined by McNeil, describing a contract dependent upon trilateral governance, in which "third party assistance" is used for resolving disputes or evaluating performance. [1] Such contracts form a distinct group, along with classical and relational contracts, in McNeil's system of classification.

Contract agreement having a lawful object entered into voluntarily by multiple parties

A contract is a legally-binding agreement which recognises and governs the rights and duties of the parties to the agreement. A contract is legally enforceable because it meets the requirements and approval of the law. An agreement typically involves the exchange of goods, services, money, or promises of any of those. In the event of breach of contract, the law awards the injured party access to legal remedies such as damages and cancellation.

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References

  1. I.R. Macneil, “Contracts: adjustment of long-term economic relations under classical, neoclassical, and relational contract law” (1977) Northwestern University Law Review vol:72 pg:854 .