Revision

Contract

is an agreement that is enforceable

Agreement

is an offer and it’s acceptance between 2 parties.

Offer

is when the one person suggests to someone.

Offeree

To the one the offer is made.

Promise

When an offer is accepted it becomes a promise.

What are offerer and offeree called after acceptance?

Promisor and Promisee

Essentials of offer

It must be between two parties.
It must be communicated from the offeree to the offeror.
It must be with the intention to create a legal relationship.
It can be expressed of implied.
It must be definite and clear.
It must be distinguishable from the invitation to offer.

Essentials of Acceptance

It must be communicated by the offeree.
It must be definite and clear.
It must be in the stipulated manner.
It must be in the stipulated time.
It can be expressed or implied.
It must not preceed offer.
It cannot be assumed from silence.

Revocation of offer

It must be done before acceptance by the offeree.
Offer can be revoked by the offeree.
Offer is revoked by death of subject matter.
Offer is revoked by death of offeree.
Offer is revoked by when knowledge of offerer’s death reaches the offeree before acceptance.

Essentais of Contract

1. Offer and Acceptance ie, agreement.

2. Intention to create legal relationship.

3. Valid consideration

4. Free consent

5. Capacity of parties

6. Lawful Object

7. Certainty

8. Possibility of performance

9. Not to be declared void

10. Legal formalities.

Agreement

There must be a consensus ad item between the two parties in a contract.

Legal Relationship

The two parties must intend to enter in a legal relationship, which means domestic or social agreements are not considered contracts.

Free consent

Consent must be free which means no coercion, or undue influence is involved. If such is the case, contract is voidable.

Lawful Consideration

Consideration is what someone is giving to receive something in return.
Even if a person is selling a car to his friend for 1$ it is considered a valid contract because the law does not see how much the consideration is.

Capacity of Parties

Contracts with minors are void eb intio (void agreements)

Lawful Object

Object/subject matter must be lawful.

If someone is promising to pay money to beat up Person C, the agreement is unlawful. Even if the promisee runs away with advanced payment, it will not be cared for in court.

Certainty

.

Possibility of performance

.

Not to be declared void

.

Legal Formalities

.

Types of Contracts

Validity
Performance
Formation

Validity

Valid
Void
Void agreements
Voidable
Unenforceable

Performance

Executed
Executory

Unilateral
Bilateral

Formation

Express
Implied

Quasi