 CONTRACT LAW – is the body of law governing legally enforceable agreements between

parties to engage in economic exchange. In civil law countries, contracts tend to be relatively
short and unspecific because many of the relevant issues are already covered in the given civil
code. In common law countries, judges have more flexibility to interpret contracts in different
ways, which means that contracting parties need to have long and very specific contractual
language. Increasing numbers of contracts today have provisions allowing them to be enforced
outside the judicial process by way of alternative dispute resolution methods such as arbitration.