David W. Rivkin, Mark W. Friedman, William H. TaftFrom: International Commercial Arbitration in New York (2nd Edition)
Edited By: James H. Carter, John Fellas
This chapter provides a brief overview of some basic principles of New York law that are relevant to the interpretation and enforcement of contracts. New York contract law is derived from common law, statutes, and administrative sources. The chapter first addresses New York choice-of-law rules. Next, it turns to the elements of a contract and New York laws and presumptions regarding contract formation. It then examines the elements and consequences of a breach of contract, before turning to a number of claims ancillary to a contractual breach. Finally, the chapter concludes with some special issues that may arise under New York contract law.