Assignment 01- 765618.docx - Assignment 01 The legal question is did Peter and John enter into a valid legally binding contract that is enforceable

Assignment 01- 765618.docx - Assignment 01 The legal...

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Assignment 01 The legal question is, did Peter and John enter into a valid legally binding contract that is enforceable regardless of the fact the one Peter did not read the entire contract resulting in him missing important provisions in the contract which exempts Peter from liability. The other fact is that it has come to Peter’s attention that Fire is not the offspring of Lighting A contract first and foremost is an agreement between two parties so to create a legal obligation. For a contract to be recognised by law as binding the following requirements must be adhered to: - Consensus – parties must agree on all aspects of the contract. Our case in question John and Peter entered into a contract and both john and Peter believed that the horse that John was selling to Peter was the offspring of the legendary July winner Lighting. Capacity – parties must have capacity to contract Both parties have ability to contract Formalities – contract must be in a certain format
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