Common Contracts

CONTENTS

July 14th, 2018

• Filed
  July 14th, 2018

Defined: A contract is a promise/agreement or set of promises/agreements supported by consideration which the law will enforce. The agreement, at will theory (contracts must be consensual ad idem) i.e. is formed when two minds “meet in agreement and this is recognised.” To meet in agreement, the parties must negotiate towards consensus and symmetry (However this is subj). A promise carries additional moral weight as a self-imposed obligation but is generally serious, not always binding. It is the promise which forms the basis of the discrete exchange. This agreement must be binding i.e. legal recourse/remedies follow if the agreement is not properly carried out by either party. Further, the agreement must be supported by specific consideration. Consideration is the price someone pays for the promise – the transactional purpose for both parties. As a general principle, proceed from broad rules to specific rules before caveats e.g. Offer  Specific caveats around revocation which can per