A Complete Guide To Contact Law 1

Law Notes (Contract) Offer and acceptance There are five basic requirements that need to be satisfied in order to make a contract: An agreement between the parties (which is usually shown by the fact that one has made an offer and the other has accepted it). An intention to be legally bound by that agreement (often called intent to create legal relations). Certainty as to the terms of the agreement. Capacity to contract. Consideration provided by each of the parties - put simply, this means that there must be some kind of exchange between the parties. If I say I will give you my car, and you simply agree to have it, I have voluntarily made you a promise (often called a gratuitous promise), which you cannot enforce in law if I change my mind. If, however, I promise to hand over my car and you promise to pay me a sum of money in return, we have each provided consideration. In addition, in some cases, the parties must comply with certain formalities. Remember that, with a few exceptions, it is not necessary for a contract to be in writing - a contract is an agreement, not a piece of