Law of Contract

Law of Contract

1. 4 Elements in Contract

   • 1. Offer
     • Terminating an Offer
       • 1. Withdrawal
       • 2. Rejection
       • 3. Lapse of TIme
       • 4. Failure of Condition
       • 5. Death
   • 2. Acceptance
     • Terminating an Acceptance
       • Contract exist when an acceptance has been communicated to the offerer, acceptance cannot be withdrawn unless it has NOT been communicated to the offeror.
   • 3. Consideration
     • An act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable
   • 4. Intention to create legal relations

2. Vitiating Factor

   • 1. Incapacity
     • a. Minors
     • b. Mentally Unsound
     • c. Intoxicated person
   • 2. Illegality
   • 3. Duress or Undue influence
   • 4. Misrepresentation
     • a. Fraudulent
     • b. Negligent
       • Misrepresentation - Remedy
         • 1. Recission
         • 2. Monetary Compensation
     • c. Innocent
   • 5. Mistake
     • a. Common Mistake
     • b. Mutual Mistake
     • c. Unilateral mistake
     • d. Non est Factom

3. End of Contract - Discharge

   • 3. Breach -
   • 2. Agreement +
   • 4. Frustration
     • Remedies
       • Common Law - Damages
         • i. Liquidated Damages
         • ii. Unliquidated Damages
         • iii. Nominal Damages
         • iv. General & Special Damages
       • Law Equity - Equitable Remedies
         • i. Specific Performance
         • ii.Injuction
   • 1. Performance +

4. Privity of Contract

   • a. Express Terms
   • b. Implied Terms
   • c. Exemption clauses
   • d. Exclusion clauses

5. "An agreement between two or more parties that is legally binding."