The basic purpose of contract law is to provide a framework within which individuals can freely contract. This module aims to develop a knowledge and understanding of the English law of contract and the techniques of common law legal reasoning.7 Types of terms within a contract. 109. Conditions and warranties. 109. Contracts I. Definition: An exchange of value (often in the form of promises) which the law will enforce. Why we enforce promise. English contract law is the body of law that regulates legally binding agreements in England and Wales. But it's possible for an otherwise valid contract to be found unenforceable in the eyes of the law. How the Law Defines Breach of Contract. Or is it the contract that is completing the law?