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10 Pages • Partial Study Notes • Year: Pre-2018
What is a contract? A contract is a legally binding document between two or more parties that creates legal relations which the law will enforce. For the contract to be valid there must be some consideration involved. Three essential elements of a contract 1. Intention to create legal relations 2. An agreement (offer and acceptance) 3. Consideration What is an offer? A proposal by one party to enter into a legally binding contract with another. The contract can be made orally, writing or by conduct. It can be made to a particular person, class of persons or the whole world. The offer must not be ambiguous and be communicated to the person accepting the offer. It can specify conditions to be followed by the person accepting the offer. It can be revoked
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