PO210 Lecture Notes - Specific Performance, Consideration, Clean Hands
Document Summary
What is a contract: there is a fundamental body of law called contract law, the most important parts are the distinguishable features of a contract is its legality; It is an agreement between 2 or more parties that is enforceable at law: termination of contract: An offer can lapse (no response on and after deadline) Intention to contract the parties must intend to create a legally binding agreement: consideration: each party must give one another something of value. An act, a promised act, or a promise to refrain from acting specific terms and conditions: all legally valid contracts have the following elements. Valuable consideration has to be exchanged by the parties. They both must attend to contract (legally bound) Contract must comply with specific legal formalities: one party must express a willingness to enter into a contract on certain terms(offerer)
