Principles of Contract Law
A contract is an agreement enforceable by law. Whenever an agreement is considered as binding and obligatory by the court in the sense that whoever fails to fulfill it may be sued, that agreement is a contract. Sir Williams Arson, in his book Principles of the laws of contract defined a contract as "a legally binding agreement made between two or more persons, by which rights are acquired by one or more, to acts as forbearances on the part of the other or others". However, some agreements are not contracts. Mere domestic agreement between husband and wife is usually not intended to be binding, and are therefore not contracts. Contracts can be classified as any of the following: 1. Simple contract. Simple or "parol" contracts are by far the most common and important variety. They are informal, they can be oral or written or implied by conduct. It must posses the following : ? An offer and unqualified acceptance. ? Parties must have capacity to enter into the contract. The law of domicile (a person's domicile is the country in which he resides with intention to remain there permanently) generally governs this.
ii. If it is not accepted within (a) a specified time (if any) or (b) a reasonable time, if not specified. ? OFFER: The blacks' law dictionary defines the term offer as a proposal to do a thing or pay an amount usually accompanied by an expected acceptance ... a manifestation of willingness to enter into the bargain. From the definition above, an offer will constitute the first major step of committal on the part of the person(s) making it known that he shall become bound by the terms as soon as the other party has accepted his offer. There are rules governing offers, some of them are as follows: ? CONSIDERATION: The black's law dictionary defines consideration as the inducement to a contract. Sir Frederick Pollock, defined consideration as the price for which a promise is bought. It is the course, motive, price or impelling influence, which induces a contracting party to enter into a contract. It also means some right, interest, profit, or benefit accruing to one party or some forbearance, determent, loss of responsibility given, suffered or undertaken by others. Being the element of exchange in a bargain, it is expected to be something, which is capable of being valued in terms of money or money's worth however slight. It may take the form of money, goods, a promise to marry, etc. There are two types of consideration:
Some common words found in the essay are:
ELEMENTS CONTRACT, Williams Arson, Miss Ariyo, LAWFULL OBJECTIVE, Frederick Pollock, AD IDEM, CONTRACTUAL CAPACITY, LEGAL RELATIONS, Law CONTRACT, LEGAL FORMALITIES, create legal, consensus ad-idem, offer acceptance, follows 1, person seeking, law dictionary defines, law dictionary, valuable consideration, persons tender, conditional acceptance, illegal contract, create legal relationship, oral written implied, written implied conduct, existence consensus ad-idem,
Approximate Word count = 2510
Approximate Pages = 10 (250 words per page double spaced)
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