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Law of Contract
Term | Definition |
---|---|
Agreement | There must be an offer made and by one party and it must be accepted by another party |
Offer | When one party asks another to enter a contract |
Acceptance | The person receiving the offer accepts all terms of the offer |
Intention to contract | Both parties intend to create a legally binding contract |
Capacity to contract | All people (with exceptions) have the legal ability to enter into a contract |
Consent to contract | The parties entering into a contract must do so voluntarily |
Consideration | When each party in the contract must give something of value to the other party |
Legality of purpose | A legally binding contract must be created for a legal purpose |
Legality of form | Contracts must be drawn up in the correct format |