A contract -is a legal agreement that occurs between two or more parties. It can be a written or spoken agreement that can concern employment, sales, or tenancy. Parties or members involved, enter voluntarily into this agreement.
Every contracts involve two persons they are the: Offeror and Offeree. The offeror is the one who offers to enter into a contract and the Offeree is the one to whom the contract is being offered
Elements of a contract: Agreement, Lawful object, consideration and contractual capacity
The law requires that some contracts be written in a certain form
Evolution of contract:
Freedom of contract Form Contract Little government regulation Government regulation Face to face parties bargaining for equal power Unequal bargaining (Parties dealing at a distance)
Types of contracts
Bilateral contract- A promise for a promise
Unilateral contract- A promise for an act
Formal Contract- A special form of method or creation
Informal contract- No special form or method required
Valid contract- Meets all of the essential elements to establish a contract Void contract- Has no legal effect
Voidable contract- 1 or both parties can avoid contractual obligations Unenforceable contract- Legal defense to the enforcement of the contract Executed contract- Fully performed on both sides
Executory contract- not fully performed by either or both sides Express Contract- expressed in writing in verbally.
Implied –in-Fact contract- Agreement inferred by parties conduct Implied-In-Law contract- No actual contract
Objective theory of contract- Intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties.
Express Term- The terms of an offer must be clear enough to the offeree to be able to decide whether to accept or reject the terms of the offer.
Implied terms- The...
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