Law of Contract — full notes
Introduction to Law and Governance · Law of Contract
Law of Contract
1. Definition and classification
A contract is a legally binding agreement between two or more parties, enforceable by law.
| Basis | Categories |
|---|---|
| Formation | Bilateral vs unilateral |
| Form | Written vs oral vs implied by conduct |
| Validity | Valid, void, voidable, or unenforceable |
2. Essentials of a valid contract
- Offer - a clear proposal by one party
- Acceptance - unqualified agreement to the offer's exact terms
- Consideration - something of value exchanged by each party
- Intention to create legal relations
- Capacity - legally able to contract
- Legality - the purpose is lawful
- Certainty - terms sufficiently clear to enforce