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Contract Law Coursework 2001-2002
This scenario presents different aspects of Contract Law, though the underlying points made are that consideration must not be past, identifying the offer and acceptance in a contract and the use of estoppels.
A contract is a legally binding agreement enforceable in a court of law. However, not every agreement between two parties is a legally binding contract. The law imposes certain requirements on contracts. The fundamental requirements for forming a binding contract are:
The first part of the scenario clearly identifies a simple offer and acceptance. Tim offers Mary to repair her bike and she accepts. This now creates a contract between Tim and Mary. Each contract requires an offer and acceptance of that offer.
"... to constitute a contract, there must be an offer by one person
to another and an acceptance of that offer by the person to whom
it is made. A mere statement of a person's intention, or a
declaration of his willingness to enter into negotiations is not
an offer and
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