THE LAW OF CONTRACT

      THE LAW OF CONTRACT 

The Word “Contract” means an agreement between two or more parties in legal parlance, which both parties expressly or by reasonable intend to have consequences or enforceable at the law.

An agreement by itself only needs the free and voluntary consents of the two parties. Agreement as used in our society tends to the consent of two or more parties reduced in to writing signed by the to relate with each other could take any form, it could be oral written. Intact sometimes the law prescribes the manner in which a particular agreement could be made.`

TYPE OF CONTRACT

Contracts, called by any name are made only in two ways. Either oral or writing. Contracts in writing are subdivided into four “4” ways.

1)    Contracts which must be deed

2)    Special contracts

3)    Contract which must be in writing

4)    Contracts which are unenforceable by action unless evidenced in writing.

ESSENTIAL REQUIREMENTS A VALID CONNTRACT.

The essential requirement of a valid contract are as follows:

1.    Offer

2.    Acceptance

3.    Consideration

4.    Intention to create legal relations.