Introduction to Contract Law

Question 1

What is a contract?

Answer 1

• an agreement giving rise to obligations which are enforced or recognised by the law… Professor Treitel
• The law distinguishes social agreements as well as gifts, both of which fall outside the law

Question 2

Types of Contracts

Answer 2

1. Pravte, consumer, commercial
2. Unilateral contract v bilateral contract
   - Bilateral: one promise in exchange for another promise
   - Unilateral: one promise in exchange for the performance of a requested act

Question 3

True or false: In order to be legally binding a contract must be in writing

Answer 3

False
- for certainty we write a contract but it is not needed for it to be a binding contract