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Contract - Coggle Diagram
Contract
Nature and Terminology
Overview
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Definition:
A contract is “a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a
duty.
Objective Theory of contracts:
A party’s intention to enter into a
legally binding agreement, or contract, is judged by outward, objective facts. The facts are as interpreted by a
reasonable person, rather than by the party’s own secret,
subjective intentions.
- What the party said when entering into the contract.
- How the party acted or appeared
- The circumstances surrounding the transaction.
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