Extras din document
- Contract, a "promise" or an "agreement" made of a set of promises, the breach of which is recognized by the law and and for which legal remedies can be provided
- Contract law or law of contract is based on the Latin phrase pacta sunt servanda (literally, promises must be kept)
- Breach of a contract is recognised by the law and remedies can be provided
- Almost everyone makes contracts everyday
- Sometimes written contracts are required, e.g., when buying a house
- However the vast majority of contracts can be and are made orally, like buying a law text book, or a coffee at a shop
- Contract law can be classified, as is habitual in civil law systems, as part of a general law of obligations
Elements of contracts
All valid contracts must have and usually have the following elements:
- Terms: A set of clauses defining the exact set of promises agreed to
- Mutual agreement: There must be an express or implied agreement
- The essential requirement is that there has to be evidence that the parties had each from an objective perspective engaged in conduct manifesting their assent, and a contract will be formed when the parties have met such a requirement (Notice that the objective manifestation requirement means that one doesn´t actually need to assent, it can also be implied or otherwise understood that way)
- For a contract based on offer and acceptance to be enforced, the terms must be capable of determination in a way that it is clear that the parties' assent was given to the same terms
- The terms, like the manifestation of assent itself, are determined objectively
- There must be consideration given by all the parties, meaning that every party is conferring a benefit on the other party or himself sustaining a recognizable detriment, which is a cost to a party, whatever it may be
- Consideration need not to be adequate, which means courts generally do not look to the value parties place on things contracted for, e.g. agreeing to buy a car for a penny may constitute a binding contract
- Consideration must be legally sufficient, however. Legally sufficient consideration exists when a promise is made, which induces the other party to incur a detriment, which in turn reinforces the initial promise
- Competent, Adult (Sui Juris) Parties
- Both parties must have the capacity to understand the terms of the contract they are entering into, and the consequences of the promises they make
- For example, animals, minor children, and mentally disabled individuals do not have the capacity to form a contract, and any contracts with them will be considered void or voidable
Conținut arhivă zip
- Law of Contract
- Law of contract 2..doc
- LAW OF CONTRACT, 1..doc
Alții au mai descărcat și
CAPITOLUL l EVOLUTIA CONCEPTULUI DE DREPTURI ALE OMULUI 1.1.EVOLUTIA CONCEPTULUI DE DREPTURI ALE OMULUI PE PLAN INTERNATIONAL Problema...
INTRODUCERE In actuala perioada de post integrare in UE, România este un exemplu clar a ceea ce se poate numi cercul vicios al resurselor de...
CAPITOLUL I Conceptul si configurarea notiunii de drept 1. Definitia dreptului 1.1 Conceptul notiunii de „drept” Cuvântul „drept” ” este...
ACTIUNEA CIVILA CLASIFICAREA actiunilor civile: I. Dupa scopul material urmarit de reclamant: Actiune in realizarea dreptului óactiuni in...
Capitolul I Contractul individual de munca-temei al aparitiei raportului juridic de munca 1.1. Definitie si reglementare Dreptul la munca este...
I. SCURT ISTORIC AL ÎNFIINŢĂRII ŞI FUNCŢIONĂRII PARLAMENTULUI EUROPEAN Ideea unei uniuni între popoarele, naţiunile europene, respectiv crearea...
Introduction The field of intellectual property law is essentially the protection from theft of virtually all the intangible products of human...