This module guide is designed to help you to study the Contract law of England and Wales. English contract law is the body of law that regulates legally binding agreements in England and Wales.A contract is a legally binding agreement between at least two parties. The basic principles of formation of contract govern formation all contracts. For employees, we recommend that a contract of employment is provided to them to protect the business and clearly set out the relationship between the parties. Welcome to our overview of contract law fundamentals. We hope you find this guide helpful. In order to create a contract it is necessary to act in reliance upon the promises when accepting it. Court: High Court of Australia. Clark's Publishing Agreements: A Book of Precedents cover.