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A legal contract is an agreement between two or more parties in which legal rights and obligations are created, and are enforced by a court.
All of these elements must be present before there is a valid and legally enforceable contract.
THE CONTRACT
ACCEPTANCE
CERTAINTY
INTENTION
No
Offer
Invitation To Treat
Preliminary Inquiries
Supply of Information
Communication
Exceptions
Postal Acceptance
Unilateral Contracts
1) Definition
Consideration is an essential element in every simple contract. The doctrine of consideration requires that:
(1) there must be an exchange between the parties, involving either a promise for promise, or promise for performance; and (2) the promise or performance given in exchange must have value.
Rules of Consideration
Consideration does not have to be adequate Consideration must be sufficient Consideration must not be illegal Consideration must move from the promisee Past consideration is not good consideration
Rules of Consideration
Consideration
Cannot be illegal
Example (2) : A owes B $100. A decides to pay B $90 earlier for full payment. B will not succeed for the further $10 because A has done something extra, he has paid earlier : Pinnels case.
Reliance
Material Detriment
Unconscionability
The principle of promissory estoppel only applies when it would be inequitable/unconscionable (unfair) to allow the promisor to go back on his promise.
Yes
No
Void Contracts Contracts other than for necessaries or beneficial contract of service are void against the minor. Contracts involving loan repayments are also void against the minor.