- Join over 1.2 million students every month
- Accelerate your learning by 29%
- Unlimited access for just £4.99 per month
Questions and answers on contract law
The first 200 words of this essay...
In today's business world contracts play an essential role - therefore it is of great importance to know what a contract is, how it is formed and what elements it must contain.
"A contract is a legally binding agreement"(Thomas, 2001 p. 32), usually a commercial agreement based on the law of contract. There are several possibilities of entering into a contract. A small proportion of contracts must be formal written documents (e.g. contracts for the purchase of land), but the vast majority can be made in any of the following ways:
* In Writing: Although any contract may be in writing, only a small number must be in writing.
* Orally: Many contracts are made orally.
* By conduct: A contract may be entered by the following of a course of action, it is not necessary to speak to form a contract.
* It is also possible to form a contract by combining any of the above mentioned three points.
In order to distinguish between an ordinary agreement and a contract, one must consider whether the agreement contains the three essential elements of a contract, which will then
Found what you're looking for?
- Start learning 29% faster today
- Over 150,000 essays available
- Just £4.99 a month
Not the one? We have 100's more
Contract Law (view all)
- The question raises the following legal issues; consideratio...
- Introduction to Law - Contract
- Read the case of Baird Textile Holdings Ltd v. Marks & S...
- Explain in detail consideration in a contract, and evaluate ...
- "The common element [of the doctrines of both common mi...
- Offer and Acceptance Case. Advise Angus, Bruce and Colin wh...
- Contract Problem Question - Exclusion of Liability/ Exclusio...
- Questions on Offer and Acceptance.
- Intention to create legal relations
- Contract law - review of cases.
""Nikolay. Business Studies. BTEC Student.
""Asmaa, UAE. GCSE Student. Biology, Physics, Chemistry, Maths and English.