Law T3.pptx - Element of contract 1 What is contract \u2022 It is an agreement that is legally binding between two or more parties \u2022 Contract Act 1950

Law T3.pptx - Element of contract 1 What is contract u2022...

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Element of contract 1. What is contract? It is an agreement that is legally binding between two or more parties. Contract Act 1950 – S2(h) states ‘an agreement enforeable by law’ is an contract.
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2. State the necessary elements for formation of a contract/ Offer Acceptance – clarity of term . i.e. the terms of the contract must be clear and precise so that the parties know what they are agreeing t o – S30 CA Consideration Intention to create legal relations (ITCRL) Certainty Capacity Consent – free from vitiating factors
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