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Contract

yup

QuestionAnswer
Offer Offer: An offer is a promise by the person making the offer to be bound by the contract if the offer is accepted. Note that an "invitation to treat" (e.g., a notice in a shop window) is not an offer as it only invites the consumer to examine the goods.
Acceptance Every offer must contain an unqualified acceptance of the offer, which means accepting the offer as it stands.
Consideration This is what is exchanged between the parties to the contract (money, goods or a promise to pay).
Real consent The two parties must voluntarily agree to all the terms of the contract. There must be no duress or undue influence.
Intention The courts will assume that agreements between family and friends are not intended to be legally binding whereas business arrangements are assumed to be legally binding.
Capacity Not everyone has the ability to enter contracts, e.g., an incapacitated person, a legal infant or a company acting "ultra vires", i.e., acting beyond its objectives.
Legality of form Certain contracts to be legal must be drawn up in a particular manner, e.g., a hire purchase contract must be written.
Legality of purpose A contract must not be illegal
Performance When the parties to the contract fulfill their obligations as agreed.
Agreement When both sides agree to terminate even though the contract is incomplete.
Frustration When an unseen event (e.g., death) prevents the contract being completed.
Breach When a condition (an essential term of the contract) is broken the innocent party does not have to fulfill the contract and can sue for damages
Created by: SHANE :)
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