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Law Of Contract - Coggle Diagram
Law Of Contract
The end of a Contract
Expiration
- Refers to a contract which comes to an end in accordance with its terms, either because it has a fixed expiry date or because there is a right to terminate contained in the contract
Termination
Breach
- Committed when a party, without lawful excuse, fails or refuses to perform what is due from him under the contract
Anticipatory Breach
- An anticipatory breach occurs when, before performance is due, a party
Vitation
- There are situations where the parties have reached agreement but the question arises whether the existence or non-existence of some fact
Frustration
- A contract may be discharged if, after its formation, an unforeseen event occurs which makes performance of the contract impossible, illegal
Damages/Remedies
- Damages are intended to compensate the injured party for the loss that he has suffered as a result of the breach of contract.
FORMATION OF CONTRACT
Offer
- expression of willingness to contract on specified terms
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Consideration
"something of value" which is given for a promise and is required in order to make the promise enforceable as a contract
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Consideration must be sufficient, but need not be adequate
Contractual Intention
- An agreement, even if supported by consideration
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CONTENTS OF CONTRACT
Express terms
- The parties have set out in their agreement.
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Element of Contract
Definition:
Acontractis basically an agreement between two parties creating a legal obligation for both of them to perform specific acts
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Contract
- An agreement giving rise to obligations which are enforced or recognized by law.
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