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Law of Contract

TermDefinition
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
Created by: daramacken
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