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REQUIREMENTS FOR MAKING OF A CONTRACT
ASSIGNMENT PAPER 1
General principles of forming contracts.
Contracts are part of our daily lives, and as such, it is important to gain some basic understanding of the principles of the law of contract, what the law is trying to do in response to addressing particular issues.
In essence, any agreement that is enforceable in a Court of law is a contract. Contract law attempts to adhere to a simple principle — “that you should only be bound when you have given your informed and true consent to a contract.”
The key requirements of formation of a valid contract are listed hereunder, as: 1. OFFER AND ACCEPTANCE
2. COMMUNICATION OF THE OFFER
3. ACCEPTANCE OF THE OFFER
4. COMMUNICATION OF THE ACCEPTANCE
5. OTHER FORMATIVE REQUIREMENTS: CONSIDERATION, CAPACITY AND INTENTION TO CREATE LEGAL RELATIONS
Discuss the principle of each of these requirements for making a contract, support them with case laws and summarily conclude on the key elements.
Set out your discussion in a legal essay format with appropriate numbering and sequence in this order — introduction, then discuss the principles in each of the requirements in the main body and briefly summarize.
The discussion should not be less than 2 500 words and not more than 3 000 words, which may also include case precedent discussed in lectures, notes or material research with appropriate referencing.