Contract Law
Discuss the requirements for a valid contract.
A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. www.wikipedi.org
A contract is a binding agreement between two or more people stating to do something or refrain from doing something. Not all agreements are classified as contracts. A contract is known as an acceptance or offer enforced by law between two or more people. When creating a contract all people or parties involved must intend to create a legal relations. Parties must give or promise something as consideration in return for the benefit they receive. Contracts can be defined as agreements or bargains which may give rise to legal enforceable obligations on the parties involved. A contract is an agreement based on the promise of two or more parties, contracts such as a will is a binding promise of one party.
Content of a contract
1. It is based on an exchange of promises
2. It is executory this means that the contract is formed and obligations under it arise before either side has performed any part of it.
3. It involves an 'exchange ' so that each side is giving something in return for the other 's promise. It is the existence of this mutuality (given effect through the doctrine of 'consideration) which generally gives rise to enforceability
4. The content of the contractual obligations is determined by deciding what the parties agreed, or what reasonable parties in their position would have agreed, at the time the contract was made. Later developments are of no significance. Modern Law Of Contract, Richard Stone
A valid contract is a legally binding agreement and this has a number of elements there must be agreement and the agreement must be legally enforceable. Contract Law 7th Edition, Jill Poole
Requirements for a valid contract can be broken down into four different elements which are:
1. Offer- An
A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. www.wikipedi.org
A contract is a binding agreement between two or more people stating to do something or refrain from doing something. Not all agreements are classified as contracts. A contract is known as an acceptance or offer enforced by law between two or more people. When creating a contract all people or parties involved must intend to create a legal relations. Parties must give or promise something as consideration in return for the benefit they receive. Contracts can be defined as agreements or bargains which may give rise to legal enforceable obligations on the parties involved. A contract is an agreement based on the promise of two or more parties, contracts such as a will is a binding promise of one party.
Content of a contract
1. It is based on an exchange of promises
2. It is executory this means that the contract is formed and obligations under it arise before either side has performed any part of it.
3. It involves an 'exchange ' so that each side is giving something in return for the other 's promise. It is the existence of this mutuality (given effect through the doctrine of 'consideration) which generally gives rise to enforceability
4. The content of the contractual obligations is determined by deciding what the parties agreed, or what reasonable parties in their position would have agreed, at the time the contract was made. Later developments are of no significance. Modern Law Of Contract, Richard Stone
A valid contract is a legally binding agreement and this has a number of elements there must be agreement and the agreement must be legally enforceable. Contract Law 7th Edition, Jill Poole
Requirements for a valid contract can be broken down into four different elements which are:
1. Offer- An
Bibliography: Books Poole, J, 2004, Contract Law 7, Part1 pg29, GB, Oxford Press Richards, P, 2007, Law of Contract 8, Ch7 pg158, England, Pearsonbooks Stone, R, 2005, Modern Law Of Contract 6,Ch1 pg2, Australia, Cavendish Publishing Turner, C, 2007, Unlocking Contract Law 2, Ch6.4.1 pg155, Malta, Hodder Arnold