What Is A Contract? Flashcards by Hannah Bleach | Brainscape

Q

What is a contract?

A

An agreement giving rise to obligations that are enforceable and recognised at law.

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Q

What are the essentials of a valid contract?

A

Agreement - Parties must be in agreement - means one has made an offer and other has accepted it
Consideration - Parties must have contributed something of value
Intention - Parties intend to create legal relationship

If one element missing - not enforceable as legally binding in court.

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