- The law requires an intention to create legal relations to be present between the parties to a valid. The law of contract is concerned about the legal enforceability of promises.Law of Contracts. 1. Definition and Forms of contracts. Main elements or requirements of a valid contract. There should be a valid offer and acceptance. Law of Contracts in Sri Lanka specific mixture of English law with roman dutch law . Pptx - Download as a PDF or view online for free. Contract law is based on the principle that agreements are to be kept. Chapter 2 – Contract Law.