Assignment for diploma!

Course Name:
Course Code:
Student’s Name:
Student Registration Number:
Supervisor’s Name
Contents
Contract ........................................................................................................................................................ 3
Essentials of a valid contract: .................................................................................................................... 4
- Proper Offer and Acceptance: ...................................................................................................... 4
- Intention to create legal relationship: .......................................................................................... 4
- Capacity of Parties: ....................................................................................................................... 4
- Lawful Consideration: ................................................................................................................... 4
- Free Consent: ................................................................................................................................ 5
- Lawful object: ................................................................................................................................ 5
- Legal formalities ............................................................................................................................ 5
- Possibility of Performance ............................................................................................................ 5
- Certainty:....................................................................................................................................... 5
- Agreement not expressly declared void: ...................................................................................... 6
Incapacity .................................................................................................................................................. 6
Case Law of incapacity .......................................................................................................................... 8
Misrepresentation .................................................................................................................................... 8
Case Law of misrepresentation: ............................................................................................................ 9
Duress ....................................................................................................................................................... 9
Case Law of duress: ............................................................................................................................. 10
Undue influence ...................................................................................................................................... 10
Case Law of undue influence: ............................................................................................................. 10
Conclusion: .................................................................................................................................................. 10
Reference: ................................................................................................................................................... 11
Contract
Contract is an agreement voluntarily entered by two or more parties so as to create a
legal obligation and bind the persons entering in contract. There are two elements of
contract, they are offer and acceptance. Contract is entered between two or more legal
parties who are capable of entering into contract. Consideration is involved in a
contract; no one is ready to do things for others free of cost. Consideration amount is
decided with mutual consent of parties. Contract may be in writing or it may be oral, it
depends on nature of contract and mutual consent of parties. For contract meeting of
minds should be there. A party could resist a claim of
each by providing that he had
not intended to be bound by agreement, only if it appeared subjectively that he had so
intended.
Offer: “Offer is willingness to contract on certain terms made with the intention that it
shall become binding as soon as it is accepted by the person to whom it is addressed.”
The validity of the agreement is determined by court.
Acceptance: The essential requirement for acceptance is that the parties have each from
a subjective perspective engaged in conduct manifesting their...