Most of our readers will be wondering why i started with contract out of all the topics to be discussed under law forgetting we enter into one or more agreements daily ,whether we intend to make it binding or not.
Before i go further what is contract itself,this is an agreement between two or more parties to create reciprocal rights and obligation recognized and enforceable under law. To be enforceable under law certain things must be present which are :
THE PARTIES;there must be an agreement between then which is an offer and acceptance.
INTENTIONS: they must have an intention to be legally bound
CONSIDERATION: there must be valuable consideration between them
CAPACITY: the parties to the contract must have a legal capacity under law i.e only a person of full age can enter into contract.
TERMS OF CONTRACT:this shall consist of statements detailing duties,rights of parties under law
It is worthy to note that without any of the five elements mentioned above there cannot be a valid contract.
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