Law Of Contract Summarized Week 1 Topics For 200 Level

 1 INTRODUCTION

A: DEFINITION OF CONTRACT

B: CLASSIFICATION OF CONTRACT

Definition of Contract:

A contract is a legally binding agreement between two or more parties that involves an offer, acceptance, consideration, legal capacity, and a lawful purpose. It creates mutual obligations, and its breach can lead to legal remedies.

The law of contract governs agreements between parties. It involves an offer, acceptance, consideration, legal capacity, and lawful purpose. Contracts can be written or verbal, but written agreements are often preferable for clarity. Breach of contract may lead to legal remedies such as damages or specific performance. Various types of contracts exist, including express, implied, unilateral, and bilateral contracts. Contract law aims to enforce promises and ensure fairness in agreements.

Classification of Contracts:

1 ; Express and Implied Contracts:

Express Contract: Terms are explicitly stated, either verbally or in writing.

Implied Contract: Terms are inferred from the parties' conduct or the circumstances.

2 ; Executed and Executory Contracts:

Executed Contract: All parties have fulfilled their obligations.

Executory Contract: Some obligations are yet to be performed.

3 ; Unilateral and Bilateral Contracts:

Unilateral Contract: One party makes a promise in exchange for the other's performance.

Bilateral Contract: Both parties exchange promises, forming mutual obligations.

4 ; Void and Voidable Contracts:

Void Contract: Lacks legal effect from the beginning.

Voidable Contract: One party has the option to enforce or void the contract due to a defect (e.g., misrepresentation, duress).

5 ; Valid, Void, and Illegal Contracts:

Valid Contract: Meets all legal requirements.

Void Contract: Invalid from the start.

Illegal Contract: Involves unlawful activities  

6 ; Simple, Formal, and Quasi Contracts:

Simple Contract: No special form is require

Formal Contract: Requires a specific form (e.g., a deed)

Quasi Contract: Imposed by the law to prevent unjust enrichment when no actual contract exists

7 ; Executed Consideration and Past Consideration

Executed Consideration: Act or forbearance that has already taken plac

Past Consideration: Prior acts or benefits, generally not valid except in certain circumstances 

8 ; Unenforceable Contracts:

Contracts that, while meeting the basic requirements, cannot be enforced due to legal defenses (e.g., statute of limitations).

Understanding these classifications is crucial for navigating contract law and determining the rights and obligations of parties involved in various types of agreements.

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