a general introduction to contract. definition of a contract a contract is an agreement between...
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A General Introduction to
Contract
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Definition of a contract
A contract is an agreement between competent parties based on the genuine assent of the parties, which is supported by consideration and made for a lawful objective and in the form required by law, if any.
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The basic requirements of a valid contract
1. Agreement/genuine assent (a meeting of minds)
2. Valid consideration----mutual promise3. Formation (offer + acceptance =
contract)4. Capacity of parties to make a contract5. The legality of purpose or object of
contract6. The form of contract must conform to the
legal requirements A valid contract should include all these
essential elements and meet all these requirements.
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Classification of contract
Written or oral contracts Bilateral or unilateral contracts Express or implied contracts Executed or executory contracts Valid, void, voidable contracts (P98—P104 Fundamentals of
Business Law)
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According to their enforceability and validity, contracts can be classified into the following ones:
1 ___ has the necessary contractual elements, which is enforceable and has legal binding force.
2 ___ is not a contract at all. It has no legal effect. No parties should be bound by it.
3 ___ is a valid contract except that one party is entitled to rescind it.
.
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Typical contract provisions Duties and obligations Representations and warranties Termination clauses Remedy clauses Arbitration clauses
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