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topic 4

law of contract

CONTRACT A contract is a legally binding agreement between 2 or more people that is enforceable by law
ELEMENTS OF A CONTRACT agreement, intention, consideration, capacity, consent, Legality of Form and Legality Of Purpose are the elements of a contract
AGREEMENT A party agrees to all the terms of the offer
INVITATION TO TREAT Allows a customer to make an offer which can be accepted or rejected
INTENTION TO CONTRACT The parties to the contract must have intended to create a legally binding contract
CONSIDERATION What each party offers the other as evidence of the agreement
CAPACITY Those agreeing to the contract must have the legal right to do so
CONSENT Each party must give a genuine agreement of their own free will to enter into the contract
LEGALITY OF FORM The manner in which the contract is drawn up
LEGALITY OF PURPOSE A contract must be for a legal purpose
TERMINATING A CONTRACT a contract can be terminated or ended in any one of the four ways
PERFORMANCE the parties involved carry out their side of the contact
AGREEMENT the parties involved agree to end the contract
FRUSTRATION some unforeseen event happens which makes it impossible to carry out the contract
BREACH one party to the contract breaks an essential condition of the contract
REMEDIES FOR BREACH Rescind the contract, Damages and specific performance
Created by: jadebrooks



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