For the practicing surveyor, contract law is a most important field of study. This notion of enforceability is central to contract law. Essential elements of a valid contract money matters. They are viewing the contract as a manual for telling the parties what they can and cant do, what they are or are not asserting as true.
Free consent is another essential element of a valid contract. In common law, there are 3 basic essentials to the creation of a contract. A contract that complies with all the essentials of a contract and is binding and enforceable on all parties. The remedy of specific performance presupposes the existence of a valid contract between the parties to the controversy. When consent is obtained by unfair means, the contract would be voidable. Definition o agreement that can be enforced in a court of law, o formed by two or more parties, o failure to perform results in breach and damages, 29 december 2014 by. It is a legally binding relationship between two or more people that is enforceable by law. In valid contract, both parties who involve in the contract are legally bound to fulfil his obligations or promises which are within the contract.
Essential elements of a valid contract 2003 30 mark. The contract would be void in case of mutual mistakes. In valid contract offers, there must be serious intent on the part of the offeror. Essential elements of a valid contract 2003 30 mark question the law of contract affects every single transaction between buyers and sellers. But contracts and quality contract draftingalso serve to protect the parties from disputes down the road if things dont go as planned. Pdf ethiopian law of contracts mulugeta mengist ayalew. The offer must also contain definite terms, or details. The effort here will be to treat briefly the various kinds of contracts and their interpretation. Essential elements of a contract must be learned 1. Valid, void, voidable, and unenforceable contracts video. Any agreement or declaration between two or more parties and the agreement must be enforceable by law is called contract. An agreement must have been made by free consent of the parties. The law of contract is concerned about the legal enforceability of promises. A valid contract is a written or expressed agreement between two parties to provide a product or service.
A contract is an agreement giving rise to obligations which are enforced or recognised by law. There are essentially six elements of a contract that make it a. The terms of the contract must be definite and certain. In that context, a contract may be described as an agreement that the law the courts will enforce.
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