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    DF Law of Contract

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    Darragh Fives
    A contract is a legally binding agreement between two or more parties that is enforceable by law. There are several key elements that must be present for a valid contract, including: agreement between the parties, intention to enter a contract, consideration (exchange of value), capacity of the parties to contract, consent without duress, legality of form (written, oral, implied), and legality of purpose. Important aspects of a contract include offer and acceptance, termination of an offer, invitation to treat, intention of the parties, consideration provided, and the capacity, consent, form, and purpose of the agreement.

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    DF Law of Contract

    Uploaded by

    Darragh Fives
    89 views13 pages
    A contract is a legally binding agreement between two or more parties that is enforceable by law. There are several key elements that must be present for a valid contract, including: agreement between the parties, intention to enter a contract, consideration (exchange of value), capacity of the parties to contract, consent without duress, legality of form (written, oral, implied), and legality of purpose. Important aspects of a contract include offer and acceptance, termination of an offer, invitation to treat, intention of the parties, consideration provided, and the capacity, consent, form, and purpose of the agreement.

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    PP Contract Law

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    A contract is a legally binding agreement between two or more parties that is enforceable by law. There are several key elements that must be present for a valid contract, including: agreement between the parties, intention to enter a contract, consideration (exchange of value), capacity of the parties to contract, consent without duress, legality of form (written, oral, implied), and legality of purpose. Important aspects of a contract include offer and acceptance, termination of an offer, invitation to treat, intention of the parties, consideration provided, and the capacity, consent, form, and purpose of the agreement.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    89 views13 pages

    DF Law of Contract

    Uploaded by

    Darragh Fives
    A contract is a legally binding agreement between two or more parties that is enforceable by law. There are several key elements that must be present for a valid contract, including: agreement between the parties, intention to enter a contract, consideration (exchange of value), capacity of the parties to contract, consent without duress, legality of form (written, oral, implied), and legality of purpose. Important aspects of a contract include offer and acceptance, termination of an offer, invitation to treat, intention of the parties, consideration provided, and the capacity, consent, form, and purpose of the agreement.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 13
    At a glance
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    The key takeaways are that a contract requires agreement between two parties, intention to form a legally binding agreement, consideration in the form of exchange of value, and meeting additional requirements for validity.

    The elements required for a valid contract are agreement between the parties, intention to be legally bound, consideration in the form of an exchange of value, capacity of the parties, consent without duress, legality of form, and legality of purpose.

    An offer is a definite statement by one party to be legally bound by certain terms if the other party accepts. An invitation to treat is merely advertising or inviting offers, and does not create a binding agreement even if accepted. A mistaken price tag is an invitation to treat, not an offer.

    The Law of Contract

    Unit 1

    What is a Contract?
    A contract is a legally binding agreement
    between two or more people that is
    enforceable by law
    All contracts have several elements in
    common

    Elements of a Contract

    1.
    2.
    3.
    4.
    5.
    6.
    7.

    Agreement
    Intention
    Consideration
    Capacity
    Consent
    Legality of form
    Legality of purpose

    1. Agreement
    Agreement occurs when an offer has been
    accepted
    Both must be clear, complete and unconditional
    They can be in writing, e.g. purchase of land or
    property
    They can be oral, e.g. at an auction
    They can be implied by conduct, e.g. at a
    checkout

    Termination of an Offer

    An offer is terminated if there is:


    A counter offer
    A rejection of the offer
    A revocation (the person making the offer
    backs out)

    Invitation to Treat
    Advertisements, price tags or shop displays
    are not legal offers, they are an invitation to
    treat
    If a price is wrong it can be corrected
    The item does not have to be sold at the
    mistaken price

    2. Intention
    In order for a contract to take place there
    must be a willingness and knowledge on both
    sides that they are entering into a contract
    Example: two people arrange to go out for
    dinner. If one doesnt turn up, can the other
    one sue?
    Answer: No, there was no intention
    to form a contract

    3. Consideration
    What one party gives to another
    There must be some sort of exchange
    It need not reflect the full monetary value of
    the item, but it must have some measurable
    value
    Example: Mary buys a car from Tom for
    14,000
    Mary gets the car and Tom gets the money

    4. Capacity
    Persons entering into a contract must have
    the legal ability to do so
    Exceptions:

    Under 18s
    Persons under the influence of drugs or alcohol
    Bankruptcy
    Company director who is acting ultra vires
    Diplomat can claim diplomatic immunity

    5. Consent
    The contract must be made voluntarily
    It must not be entered into under duress
    Both parties must agree to what is in the
    contract

    6. Legality of form
    This refers to the manner in which the
    contract is drawn up, e.g. oral, in writing or
    implied by conduct
    Certain contracts must be in writing, e.g.
    sale of property, insurance policy

    7. Legality of purpose
    The contract must not break any laws
    Legally binding contracts must be for legal
    transactions
    Agreements to commit a crime will not be
    upheld in court

    Recap

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