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Law of Contract (Termination of Contract (Withdrawal, Rejection, Lapse of…
Law of Contract
Termination of Contract
Withdrawal
Rejection
Lapse of Time
Failure of condition
Death
Vitiating Factors
Incapacity
Miniors
Unsound Mind
Intoxicated person
Illegality
Duress or undue influence
Misrepresentation
Fraudelent
Negligent
Innocent
Mistake
Common
Mutual
Unilateral
Non est Factum
4 Key Elements in Contract
Offer
Acceptance
Consideration
Intention to create legal relations
Purpose of
Contracts
Facilitate planning of projects
Establish commercial responsibilities and obligations
Allocate business risks beforehand
Provide remedies for mishaps
Discharge
Performance
Agreement
Breach
Frustration
Definition of Contract
Set of promises
Agreement between two parties
Do something for the promise
Remedies
Liquidated Damages
Unliquidated Damages
Nominal Damages
General and special Damages
Law of Equity
Specific Performance
Injuction
Dispute Resolutions
Mediation
Arbitration
Tribunal
Formation of Contract
Promisee/ Offeree
Promisor/Offeror
Importance of law of contract
child of commerce
greater commercial and economic development
Terms of Contract
Express
expressly agreed between parties
Implied
read into the contract
Implied by court/statue