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Law of Contract
What is a contract?
- Agreement between two or more parties that is legally binding
- Agreement enforceable by law
Law of Contract
What form can a contract make?
Oral, writing, conduct or combination of all method
Law of Contract
What is the legal definition of a contract acc. to Contract Act 1950?
S 2(a): When one person signifies to another his willingness to do or to
abstain from doing anything, with a view to obtaining the assent of that
other such act or abstinence, he is said to make a proposal
S 10(1): All agreements are contracts if they are made by the free consent of
parties competent to contract, for a lawful consideration and with a
lawful object, and are not hereby expressly declared to be void
Law of Contract
What is freedom of contract?
- Everyone is free to enter into any contract
- No pressure
- Free to decide the terms of the contract
Law of Contract
What are the elements of contract?
Law of Contract
What is unilateral and bilateral contract?
Law of Contract
Unilateral vs Bilateral contract
Similarities:
Law of Contract
What is promisor and promisee?
Promisor: A person who make an offer
Promisee: Party accepting the proposal
Law of Contract
Explain the case concerning offer
Facts:
Issue:
Was the telegram advising of the £900 lowest price an offer capable of acceptance?
Judgment:
Law of Contract
What is invitation to treat?
An invitation to treat is a mere declaration of willingness to enter into negotiations; it is not an offer, and cannot be accepted so as to form a binding contract.
Law of Contract
Offer vs Invitation to treat
Offer: offer is a definite promise to be bound on specific terms. It is offer as it requires action/abstaining from the other party.
Inv. to treat: an indication that someone is prepared to receive offers with the view of forming a binding contract. inviting people into making an offer. It is not offer since it requires intention from the other party.
Law of Contract
What are the types of contract?
General offer: Offer is general as it is made into public (Carlill v Carbolic Smokeball Co.)
Specific offer: The offer can only be accepted by a person who has been offered (Boulton v Jones)
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