A Contract Law is a formal or legally binding agreement. Though not every agreement is a contract, or is legally binding. There can also be a domestic agreement and much more\u2026<\/p>\n
Unilateral: A contract that one person has made on his own but involving many people. E.g. Carhill Vs. Carbolic Smoke Ball Co.<\/p>\n
An offer is a definite undertaking<\/u> with the expectation that it will become binding when the person accepts if he or she wants to.\u00a0<\/em><\/strong><\/p>\n NOTE: <\/em><\/strong><\/p>\n An offer must be clear.<\/em><\/p>\n An offer can be revoked before acceptance.<\/em><\/p>\n It\u2019s an offer that becomes a contract when acceptance takes place.<\/em><\/p>\n One who makes the proposition is called an OFFEROR.<\/em><\/p>\n One who accepts the proposition is called an OFFERREE.<\/em><\/p>\n Just like an offer, but there is an individual who invites someone else or so many people to treat. Examples, where such can occur, are;<\/p>\n NB: Mere inquiry is not a counter-offer.<\/p>\n It is an unconditional assent <\/u>to the terms of an offer. It occurs when the offeree agrees to the offer made by the offeror.<\/p>\n As long as contract law is concerned, the under-listed are the rules of acceptance.<\/p>\n It is something of value either monetary or non-monetary but could be something that benefits the parties to the contract and must not be illegal or impossible to perform.<\/p>\n They are terms put in the contract to limit the liability of an individual either in full or incomplete and must be part of the contract.<\/p>\n Exemption clauses can be identified in a contract through the following ways\u2026<\/p>\n It has to do with statements that drastically destroy or reduce the effectiveness of something or an agreement or contract which causes it to become faulty or makes it invalid.<\/p>\n Vitiating factors affecting a contract are:<\/p>\n MISTAKES<\/strong>: They are categorized into 4 types namely; common mistakes, unilateral mistakes, mutual mistakes, and mistakes relating to identity.<\/p>\n MISREPRESENTATION: <\/strong>It is a false statement that induces the other party to enter into the contracts or an agreement either by FRAUDULENT MISREPRESENTATION, NEGLIGENCE MISREPRESENTATION, AND INNOCENT MISREPRESENTATION.<\/p>\nElements of a Contract Law<\/h3>\n
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Invitation to Treat.<\/h3>\n
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Termination of an Offer<\/h3>\n
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Acceptance<\/h2>\n
Rules of Acceptance<\/h3>\n
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Consideration<\/h2>\n
Exemption Clauses<\/h3>\n
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Vitating Elements<\/h2>\n
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