I wish to express my sincere appreciation to Mr. Raymond Kiptum, my tutor, for his patients, encouragements and individual counsel and my classmates who that helped me through with these Assignment tasks.
□ ACKNOWLEDGEMENT……….. 2
□ TASK 1
← Definition of Law
← Classification of Law & Classification of Civil Law
← Definition of Contract Law
← Types of Contract
← Essentials of A Valid Contract
← Definition of Vitiating Factors
← Types of Vitiating Factors
← Description of the different Vitiating Factors
← Discharge of a Contract
← The types of Discharge
← Remedies of Breach of Contract
➢ Definition of Law:
(Lectlaw.com 28/07/2011) Rules established by a governing authority to institute and maintain orderly coexistence. Law is only enforceable by the government and can be sued.
➢ Classification of Law:
Law is classified into two types:
← Criminal law; mainly deals with the state .i.e. the constitutional law, administrative law. ← Civil law; mainly deals with the rights and duties of persons towards persons. It is also known as Private law. It is further classified into different laws: - Law of Property
- Law of Succession
- Law of Trusts
- Law of Contract
- Law of Tort
➢ Definition of Contract:
(Raymond Kiptum, 29/06/2011), a contract is a legally binding agreement between two or more parties that on imposes an obligation to honour his promise. The law of contract has different types of contracts some of them are: ➢ Types of Contract:
1. Express contract; this is a contract where both the parties specifically agree on the terms and conditions of the contract. 2. Executory Contract; this is a contract in which one or both the parties have some obligations left to complete. 3. Executed Contracts; this is a contract I which both the parties have completed their obligations to each other. 4. Void, Valid & Voidable Contract;
Valid; this is a contract in which all the essentials of a valid contract are present. Voidable; this is a contract in which is enforceable by law at the option of one party they usually result as a result of mistake, misrepresentation, duress e.t.c. Void; this is a contract in which one of most of the essentials of a valid contract are missing.
➢ Essentials of a Valid Contract:
(Hub pages, 28/07/2011) The essentials of a valid contract include: 1. Proper Offer & Acceptance; to create a valid contract, there must be two or more parties. One who makes the offer and the other who accepts the offer. 2. Intention to create a Legal Relation; the parties entering into a contract must have an intention to create a legal relationship. If there is no intention to create a legal relationship, that agreement cannot be treated as a valid contract 3. Consideration; an agreement must be supported by a consideration of something in return. That is, the agreement must be supported by some type of service or goods in return of money or goods. 4. Capacity of parties to contract; Parties entering into an agreement must be competent and capable of entering into a contract. 5. Lawful object; the objective of the agreement must be lawful. Any act prohibited by law will not be valid and such agreements cannot be treated as a valid contract 6. Possibility of performance; if the act is impossible of performance, physically or legally, the agreement cannot be enforced by law. There must be possibility of performance of the agreement. 7. Free Consent; consent is said to be free when it is not caused by vitiating...