We enter into contractual engagements daily, if not many times a day. Every business organization, be it large or small, binds itself in bonds of contract with customers, suppliers or employees in the conduct of its business operations. All these involve interactions of contractual nature. "We all make contracts everyday... [and]... many of us spend most of our lives in performing contractual obligations."1 One may safely say that contracts are the most frequent juridical acts and the most useful among laws that govern social relationships.