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It is widely known that Hungarian and Canadian legal systems differ from each other in many ways, but people are generally not aware of the fact that there are striking similarities as well that can be derived from the development of ancient culture and traditions. Our research is seeking for answers to certain questions regarding different aspects of managing contracts - the creation, performance, amendment, and the termination. What can even be called a contract in Hungary and in Canada? What are the most common types of contracts in these countries? What are the governing rules and principles of the creation, performance, and termination of the agreements? The cultural differences and similarities affect the different stages of contracts even more than we might think. [ABSTRACT FROM AUTHOR]