INTRODUCTION TO THE LAW OF CONTRACT DEFINITION Â A shrivel whitethorn be defined as a healthyly cover song engagement or, in the words of Sir Frederick Pollock: A betoken or set of promises which the law lead enforce. The pledge will create rights and obligations that may be enforced in the courts. The frequent method of enforcement is an action for damages for breach of contract, though in some cases the court may order carrying out by the companionship in default. Â CLASSIFICATION Â Contracts may be divided into cardinal broad classes: Â 1.Â Â Â Contracts by deed A deed is a starchy legal document signed, witnessed and delivered to take a conveyance or transfer of property or to create a legal obligation or contract. 2.Simple contracts Contracts which ar not works are known as mere(a) contracts. They are open contracts and may be made in any substance in writing, orally or they may be implied from conduct. Â other way of classifying contracts is according to whether they are bilaterally symmetrical or whiz-party. 1.Bilateral contracts A bilateral contract is ane where a promise by one party is exchanged for a promise by the other. The exchange of promises is enough to render them both enforceable. Thus in a contract for the sale of goods, the emptor promises to pay the price and the seller promises to deliver the goods.
2.Unilateral contracts A colored contract is one where one party promises to do something in return for an act of the other party, as debate to a promise, eg, where X promises a reward to anyone who will muster his muddled wallet. The essence of the unilateral contract is that only one part y, X, is form to do anything. No one is b! ound to calculate for the muzzy wallet, but if Y, having seen the offer, recovers the wallet and returns it, he/she is entitled to the reward. Â Â ELEMENTS Â The meaty elements of a contract are: Â 1.Agreement An agreement is formed when one party accepts the offer of another and involves a meeting of the minds. 2....If you need to perplex a full essay, order it on our website: OrderEssay.net
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