Contract U1 Notes-Contract Law., Study notes of Contract Law

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2/25/25, 9:01 PM Contract U1 Notes What is a contract? - Firstly, agreement, made up of offer and acceptance. sand - Secondly, intention to create legal relatio - Thirdly, something lawyers call consideration. Lawyers’ roles in contracts: + Identify if there is a contract by first establishing if there was a ‘common intention’ between the two parties. If so, then: - Analyse the terms © Both explicit and implied - Look for remedial clauses ©. Gives the promisee (I guess the receiver of the contract) powers to act and seek compensation when there are breaches of the contract to ‘remedy’ damages and losses incurred because the contract was not fully performed - Discharge: © There are several different ways in which a contract may be discharged and the parties relieved from performance ie. by agreement, performance, breach, and frustration. - Vitiating Factors: © Contracts can be ‘set aside’ if there are problems in the formation of the contract: = Performance of the contract becomes illegal = Misrepresentation and acting on false information. = Duress and undue influence Capacity, Offer and Acceptance: + To be bound by an agreement a party must have the legal power to make a contract. © The main categories of people who don’t have the legal power to make contracts are minors and people with a mental incapacity. about:blank 12