ELEMENTS OF LAW OF CONTRACT INTENTION TO CREATE LEGAL RELATIONS A valid contract should have the intention to create legal relations e.g. legal consequences. In practices parties do not direct their attention to these aspects when forming an agreement. To this effect, courts have formulated certain principles that will apply where legal consequences have not […]
INTENTION TO CREATE LEGAL RELATIONS Read Post »
ELEMENTS OF LAW OF CONTRACT CAPACITY TO CONTRACT Capacity is the ability to incur legal obligations and acquire legal rights. Persons are generally presumed by the law to have the ability to enter into contracts. However, such capacity may be absent or impaired. Capacity may be determined by age, mental or legal status. Different rules
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ELEMENTS OF LAW OF CONTRACT ACCEPTANCE This is manifestation of willingness to contract on the terms of offer. Rules of acceptance Acceptance can be done orally or in writing (expressed) or through conduct (implied). Acceptance is only possible if the offer is still open. Acceptance must be absolute, unconditional and unqualified i.e offer must be
LAW OF CONTRACT A contract is an agreement between two parties with the intention to create legal relations. ESSENTIALS ELEMENTS OF A VALID CONTRACT Offer and acceptance Consideration Intention to create legal relations Capacity of the parties Lawful objects Free consent {Vitiating Factors} Possibility of performance i.e the object of the contract should be something
