BLAW 150 Lecture 4: Untitled document (6)
Document Summary
Therefore, it is essential that accountants have a good working knowledge of contract law. This coverage of contract law in this document focuses on seven main topics: 1. The elements required to enter into a valid contract; 2. Privity of contract (identifies who can enforce a contract) and assignment of rights; 3. The various ways a contract can be discharged or brought to an end; and 7. For a valid contract to exist, seven elements must be present: 1. An intention to create legal relations the parties must have intended to create a legally enforceable agreement. Offer one party indicates its intention to enter into a contract on certain terms. Acceptance the other party agrees to enter into the contract proposed by the offeror. Consideration when conveying acceptance, the offeree promises something of value to the offeror. Certainty of terms the parties must reach agreement on all of the essential terms in the contract.
