Sign in
Download Opera News App

 

 

Definitions of Law of Contract.

What is Law of Contract:

Law of Contract governs the legality and enforceability of agreements constitute between parties to a contract when there is an exchange of some sort of intended rights and duties.

A contract is an agreement between two or more persons creating their rights & duties and which is enforceable by law.

Contract Law is any act, performance or duties which the law will enforce.

Definition of Law of Contract according to legal erudite scholars. 

According to Pollack

“Every agreement and promise enforceable at law is a contract”

contract is an agreement giving rise to obligations which are recognized by law.

According to Salmond

“A contract is an agreement creating and defining obligation between two or more persons by which rights are acquired by one or more to acts or forbearance on the part of others”

According to Sir William Anson, he opined the definition as:

“A legally binding agreement between two or more persons by which rights are acquired by one or more to acts or forbearance on the parts of others”

Generally, contract Law is an agreement between two or more parties that creates in each party a duty to do or not do something.


AGREEMENT:

We can define the agreement when the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal when it is accepted becomes a promise. Thus, an agreement is a promise or set of promises. A promise comes into existence when one party makes a proposal or offer to other party and that promises must form consideration to each other.

There are two types of agreements

Social Agreements: these agreements are social in nature and do not enjoy the benefits of law. These agreements are not enforceable because they do not create legal obligation. In such agreements the parties do not intend to create legal relationship.This kind of agreement have an honour's clause.

Legal Agreement: these are the contracts because they create legal obligation between the parties. In these agreements the parties intend to create legal relationship. In business agreements it is presumed that the parties intend to create leagal relationship so all business agreements are contracts.

Content created and supplied by: Sunnyonyekachi (via Opera News )

Law of Law of Contract Pollack Salmond

COMMENTS

Load app to read more comments