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Laws of Contract

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4 views

Untitled document-18

Laws of Contract

Uploaded by

nwajeioluchi17
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Laws of Contract

1. *Formation of Contract*: A contract is formed when one party makes an offer and the
other party accepts it.
2. *Essential Elements*: A valid contract must have the following essential elements: offer
and acceptance, consideration, intention to create legal relations, capacity to contract, and
legality of object.
3. *Types of Contracts*: There are several types of contracts, including express contracts,
implied contracts, bilateral contracts, and unilateral contracts.
4. *Contractual Terms*: Contractual terms can be express or implied, and can include
conditions, warranties, and innominate terms.
5. *Breach of Contract*: A breach of contract occurs when one party fails to perform their
obligations under the contract.
6. *Remedies for Breach*: The remedies for breach of contract include damages, specific
performance, and rescission.

Concept of Contract
1. *Definition of Contract*: A contract is an agreement between two or more parties that
creates a legally binding obligation to perform specific acts or provide specific services.
2. *Importance of Contract*: Contracts are essential for businesses and individuals to
establish clear expectations and obligations.
3. *Elements of Contract*: The elements of a contract include offer and acceptance,
consideration, intention to create legal relations, capacity to contract, and legality of object.
4. *Types of Contractual Relationships*: There are several types of contractual relationships,
including buyer-seller relationships, employer-employee relationships, and landlord-tenant
relationships.
5. *Contractual Obligations*: Contractual obligations can include payment obligations,
performance obligations, and delivery obligations.

Contract Theories
1. *Classical Contract Theory*: This theory emphasizes the importance of freedom of
contract and the sanctity of contractual obligations.
2. *Relational Contract Theory*: This theory emphasizes the importance of the relationship
between the contracting parties and the need for cooperation and mutual trust.
3. *Economic Contract Theory*: This theory emphasizes the importance of economic
efficiency and the need for contracts to allocate resources effectively.

Contract Law Reform


1. *Contract Law Reform*: Contract law reform aims to update and modernize contract law
to reflect changing business practices and technological advancements.
2. *Electronic Contracts*: Electronic contracts are becoming increasingly common, and
contract law reform aims to provide clarity and certainty around the formation and
enforcement of electronic contracts.
3. *Consumer Protection*: Contract law reform also aims to enhance consumer protection by
providing clearer and more transparent contractual terms.

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