1. Introduction

Question 1

What is a Contract?

Answer 1

Contract is an agreement to do something in exchange for somebody else to do something or not do something. i.e., bargains
o Requires mutuality of obligations and exchange of promises

Question 2

Prerequisite of formation of contract

Answer 2

1. valid offer
2. acceptance
3. certainty
4. Intention to create legal obligations
5. consideration

Question 3

3 Core principles of contract

Answer 3

1. Freedom of contract: the court’s role is enforcing a contract, it will vindicate an agreement people made, not interfere, modify, or re-write it —-Freedom of the minds
2. The objective reasonable person (ORP): requires that there was mutual intent on both sides for the contract to perform
3. Contracts generate strict liability (which are legally binding).