Law of Contract Summary Notes

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Contracts are essential to any business transaction, and understanding the basics of contract law can help you protect your interests. Here are some key points to consider:

1. A contract is a legally binding agreement between two or more parties. It can be written or verbal, but written contracts are generally preferred in the legal world because they are easier to prove.

2. There are four essential elements of a contract: offer, acceptance, consideration, and intention to create legal relations. An offer is a proposal made by one party to another, while acceptance is the other party agreeing to the terms of the offer. Consideration refers to something of value that is exchanged between the parties, while intention to create legal relations means that the parties intended to enter into a legally binding agreement.

3. Contracts can be categorized as either bilateral or unilateral. A bilateral contract is one where both parties make promises to do something, while a unilateral contract is one where one party promises to do something in exchange for the other party performing a specific action.

4. Sometimes, contracts are not enforceable in court. For example, if a contract is based on illegal activities, it will not be upheld. Additionally, contracts may be voidable if one party was coerced or misled into signing it.

5. If there is a breach of contract, the non-breaching party may be entitled to damages or other remedies. In general, the goal of legal action is to put the non-breaching party in the position they would have been in if the contract had been fulfilled as promised.

These are just a few key points to keep in mind when it comes to the law of contract summary notes. If you are entering into a contract, it is always a good idea to seek legal advice to ensure that your interests are protected. By understanding the basics of contract law, you can better navigate business transactions and protect yourself in the event of a breach.

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