Contracts

A contract is an exchange of promises between two or more parties to do, or refrain from doing, which is enforceable in a court of law. It is a binding legal agreement. That is to say, a contract is an exchange of promises for the breach of which the law will provide a remedy.

1. Introduction 2
2. Contractual formation 3
2.1. Offer and acceptance 3
2.2. Consideration and estoppel 3
2.3. Intention to be legally bound 4
2. 4. Third parties 4
2. 5. Formalities and writing 4
3. Contracts 5
3. 1. Bilateral v. unilateral contracts 5
3. 2. Factors in selecting contract types. 5
3. 3. Types of contracts 6
3. 4. Uncertainty, incompleteness and severance 7
4. Setting aside the contract 8
4. 1. Misrepresentation 8
4. 2. Mistake 8
4. 3. Duress and undue influence 8
4. 4. Incapacity 9
4. 5. Illegal contracts 9
5. Remedies for breach of contract 10
5. 1. Damages 10
5. 2. Specific performance 10
5. 3. Procedure 11
Used source of information 12