96%(25)24 out of 25 people found this document helpful
This preview shows page 1 - 3 out of 3 pages.
contract should produce legal relations and should perceive that the agreement will be implemented by law. so as for a contract to be binding it should be supported by valuable thought.That's to mention, one party guarantees to try and do one thing reciprocally for a promise from the opposite party to supply a good thing of worth.Consideration is what every party offers to the opposite as the agreed value for the other's promises.typically the thought is that the payment of cash however it need not be; it can be something valuable together with the promise to not do one thing, or to refrain from exercising some right.The payment does not have to be compelled to be a good payment. The courts won't intervene
wherever one party has created a tough cut price unless fraud, force or unconscionable conduct isconcerned.Entering into a contract should involve the elements of powerfulness and correct understanding of what each of the parties is doing. In different words, the consent of every of the parties to a contract should be real. solely wherever the essential component of correct consent has been given is there a contract that's binding upon the parties. the ultimate consequences of building that no correct consent was given to enter the contract are matters controlled once considering remedies for breach of contractProper consent could also be suffering from any of the subsequent matters:• mistake;• false statements;• duress; and• undue influence or unconscionability
REFERENCES1.Briat, M., & Freedberg, J. (1991). International art trade and law =. Paris: ICC Publishing S. A.2. Bridge, M. (2004). Innocent Misrepresentation in Contract. Current Legal Problems, 57(1), 277-304. 3. Andrews, N. (2011). Contract law. Cambridge: Cambridge University Press.4. Tanabe, S. (1970). Contract in the Laws of Manu. Legal History Review, (20), 47-75,3.