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Definitions
Contract is an agreement between two or more parties that creates an
obligation on all parties to perform (or not to perform) a particular action
or set of related actions. It is a legally binding agreement.
Contract Law determines what makes a particular contract enforceable,
and provides remedies when a contract is breached.
Concepts
What is a contract?
Freedom of contract: Principle that voluntary exchange should be freely
permitted in order to maximize value.
Not all agreements are contracts, but all contracts are the outcome of
agreements.
Essential Elements: Offer, Acceptance, Consideration, Privity, Intention to
create legal relations.
“…to constitute a contract, there must be an offer by one person to
another and an acceptance of that offer by the person to whom it is
made.
o A mere statement of a persons intention or a declaration of his
willingness to enter into negotiations is not an offer and cannot be
accepted so as to form a valid contract.”
Delict and contract
Law of delict protects the intrests of affected 3rd parties. It also
determines whether and under which circumstances redress may be
claimed.
Cevilian tradition: Contract and delict two separate branches of the law
of obligations.
o UK the same: Contract and Tort Law
Offer
It is a promise, which is capable of acceptance, to be bound on particular
terms.
Offeror and offeree.
o Offer sets out the terms upon which the offeror is willing to enter
in to contractual relations with the offeree.
Session 10
European institutions and comparative international systems - 2
Legal Intention
Most important! There must be a legal intention to the contract. This
means it should be moral and legally valid.
o E.g. to exclude a competitor not valid (void)
Domestic agreements: it is very difficult to verify the legal intention