Introduction
Obligation law (contract law and monetary claims law) is the study of obligations, particularly obligations based on contracts.
Obligation law encompasses a range of types of obligations, which are often treated separately as distinct legal disciplines (referred to as "special contract law"). Examples of special contract law include sales law, construction law, and tenancy law. The reason obligation law is treated as its own legal discipline is that most types of obligations give rise to a number of common issues that can and should be addressed in a general legal discipline. In obligation law, similarities and differences in issues and solutions can be illuminated through contractual regulations, legislation, and general, non-statutory principles. There are also rules that apply to varying degrees regardless of the type of contract, such as the rules concerning promissory notes, set-off, complaints, prescription, assumption of debt, assignment of claims, etc., as well as non-statutory principles that address issues such as the significance of inaction, among others.
Obligation law deals with the content, alteration, and cessation of performance obligations and monetary obligations, as well as the effects of obligations not being fulfilled correctly.
The subject also provides an overview of rules regarding jurisdiction, choice of law, and material legal rules in international contractual relations. In addition, an overview of main principles of contract negotiations and contract formation is provided.