A valid contract has the force of law between the parties. It may be modified or revoked only by mutual consent or on grounds provided by law.
Contracts bind the parties and their successors in title, unless the obligation is personal in character.
Contracts may not impose obligations on third parties without their consent. A contract may confer a benefit on a third party, who may enforce it once the third party has accepted the benefit or relied upon it.
Where a contract is ambiguous, it is interpreted according to the common intention of the parties. If that intention cannot be ascertained, the contract is interpreted according to its ordinary meaning, having regard to the context, the nature of the transaction, and the usages of the relevant trade or profession.