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Unit 1
| Term | Definition |
|---|---|
| 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. |
| 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. |
| 3.Consideration | 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. |
| 4.Capacity | Persons entering into a contract must have the legal ability to do so. Persons under the influence of drugs or alcohol. 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 contarct. |
| 6.Legality of Form | This refers to the moment in which the contract is drawn up, e.g. in writing or implied by induct. 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. |
Created by:
thomasfreeney
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