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Contract Law - Coggle Diagram
Contract Law
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A contract is a legally binding agreement between two or more parties that, if it contains the elements of a valid legal contract, is enforceable by law
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Consideration- This is something of value offered by a party to a contract in exchange for something of value received
Intention to contract- It must be the intention of both parties to create a legally binding agreement before a contract can validly exist
Capacity to contract- In order for an agreement to be a valid contract the parties to the contract must have the legal capacity to make a contract
Consent to contract-The parties to the contract must give their real, voluntary and genuine permission to enter into it
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Termination- Performance ,Agreement, Frustration, Breach of contract
Force majeure clauses are often found in contracts and insurance policies to protect the parties in the event duties cannot be performed due to causes outside the parties’ control
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