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A contract price is a monetary figure that has been agreed upon in a contract, to be received in exchange for goods or services. [1]
Contract law
Common law
In contract law the contract price is a material term. The contract price is the price for the goods or services to be received in the contract. The contract price helps to determine whether a contract may exist. If the contract price is not included in the written contract, then upon litigation the court may hold that a contract did not exist.
In litigation, the contract price is a factor for determining damages upon a party forsaking its contractual obligations. The contract price as a point of reference may help determine the expectancy interest of the party suffering damages as well as the reliance interest along with damages under promissory estoppel.
See also
References
- ^ "contract sum (contract price)". A Dictionary of Construction, Surveying and Civil Engineering (2nd ed.). Oxford University Press. 2020. doi: 10.1093/acref/9780198832485.001.0001. ISBN 9780191871061.
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