Formal Contracts

A formal contract is a type of contract under seal, reduced to writing, signed by the parties contracting and impressed with a seal. Formal contracts are also called specialty contracts or deeds. Its features are that it must be signed, sealed and delivered.For signing, the person executing the deed can either sign (signature) or make… Continue reading Formal Contracts

Classifications of Contracts

Classifications of Contracts. Contracts are classified into various categories:- Formal and Simple contracts Express and implied contracts Bilateral and unilateral contracts. There are two basic types of contracts at common law – Formal Contracts and Simple Contracts A formal contract is a type of contract under seal, reduced to writing, signed by the parties contracting… Continue reading Classifications of Contracts

Essential Elements of a contract

Essential Elements of a contract. For a contract to be enforceable at law, certain basic requirements must exist. These are: Agreement (offer and acceptance): The offer and acceptance identifies the point of formation, where the parties are of ‘one mind’. An offer is a definite proposal constituting specific terms for one party to enter into… Continue reading Essential Elements of a contract

Law of Contract

A contract, in the simplest definition is a promise enforceable by law. The promise may be to do something or abstain from doing something. A contract is an agreement between two or more parties, which the law recognizes as binding and may enforce. Furthermore, contract is defined as an agreement which the law will enforce… Continue reading Law of Contract