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CONTRACT (LU2) - (1) - Coggle Diagram
CONTRACT (LU2) - (1)
Elements of contract
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Acceptance
Cannot be withdrawn, nor can it vary the terms of the offer, or alter it, or modify it
Consideration
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May be (Money, right, interest, benefit etc)
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Free Consent
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Under Section 14, consent must be free & not caused by:
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Mistake (Section 21,22,23)
Formation
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Consideration
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Consideration must be sufficient, but need not be adequate
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The end of a contract
Expiration
A contract which comes to an end in accordance with its terms (fixed expiry date, termination)
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Liabilities
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Right of purchasers, tenants and banks
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Damages/Remedies
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Remedies
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Provisional remedy = temporary solution to hold matters or an attempt to see to see if the remedy will work