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MCS5 - MCS*3040 Business and Consumer Law CHAPTER 5 AN...

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MCS*3040- Business and Consumer Law CHAPTER 5- AN INTRODUCTION TO CONTRACTS Introduction to contract law Contract: an agreement between two parties that is enforceable in a court of law - a contract is deliberate and complete agreement; supported by mutual consideration - the elements included in a contract are; an agreement, complete, deliberate, voluntary, between two or more competent persons, supported by mutual consideration and does not have to be in writing an agreement: an agreement is composed of an offer to enter into a contact and acceptance of that offer. Complete: the agreement must be complete, that is, certain. Deliberate: the agreement must be deliberate, that is, both parties must want to enter into a contractual agreement. This matter- formally known as an intention to create legal relations. Voluntary: the agreement must be freely chosen and not involve coercion or other forms of serious unfairness. Between two or more competent persons: those who enter into a contract are known as parties to the contract. There must be at least two parties to any contract who must have legal capacity. As a general rule, only parties to a contract can sue and be sued on it. Supported by mutual consideration: a contract involves a bargain or exchange between the parties; each party must give something of value in exchange for receiving something of value from the other party. ( must be supported by mutual consideration) Not necessarily in writing: even oral contracts are enforceable. With the exception of land, in which written contracts are required.
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