What is a contract?
In essence, any agreement that is enforceable in a court of law is a contract. The main areas under Contracts include,
- Capacity to form contract
- Formation and drafting
- Contents
- Vitiating factors
- Discharge
- Remedies
As you can see, it’s quite a hefty area of law. And because of its complexity, it’s usually dealt with by qualified solicitors who are specialist lawyers, or by legal executives.
How is a Contract formed?
Usually, a contract forms when one person makes an offer and another person accepts it. by performing the offer’s terms or communicating their approval. Acceptance should be identical to the terms of the offer like a mirror image. If the terms are certain, and the two people have intended that the terms are binding, then the agreement is (generally) enforceable.
Some contracts, for example, the sale of land, or other particularly large transactions, also need the formalities of signatures and witnesses.
