INTRODUCTION TO THE LAWw OF CONTRACT
What is a Contract ? A legally binding agreement. In other words... "A promise or set of promises which the law will enforce". 2 3 . The agreement will create rights and obligations that may be enforced in the courts . The normal method of enforcement is an action for damages for breach of contract, though in some cases the court may order performance by the party in default.
Notion of Free Contract The parties must have entered into the agreement freely. The purpose of the agreement must not be illegal or contrary to public policy.
Form of Contracts 1) Written 2) Oral 3) Partly oral and written
Bilateral & Unilateral
Bilateral contracts A promise by one party in exchanged for a promise by another e A one to one contract Offeror The person who make the offer Offeree The person to whom the contract was made Erample Sale of goods contract The Buyer promises to pay the price The Seller promises to deliver the goods
Unilateral contracts . A promise by one party in exchanged for an action by another party .A one to all contract Many Offerees 1 Offeror Example: X promises a reward to anyone who will find his lost wallet. X bound himself to the promise, but no one is bound to search for the lost wallet. But if Y, having seen the offer, recovers the wallet and returns it, he is entitled to the reward.
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