Invitation to Treat

Invitation to Treat. For an offer to be capable of becoming binding on acceptance, it must be definitely clear and final. If it is merely a preliminary move in negotiations which may lead to a contract, it is not an offer but an invitation to treat. The offeror must not “merely have been feeling his… Continue reading Invitation to Treat

Bilateral contracts

Bilateral contracts. A Bilateral Contract is also one of the classifications of contract. It is a contract between two parties. Most times, this type of contract consists of exchange of promises. The offeror promising to do something in exchange for the offeree promising to do something in return. Furthermore, contracts is one which involves two… Continue reading Bilateral contracts

Implied Contracts

Implied Contracts, in the case of implied contracts, the terms are not expressly stated. The court, in such circumstances, will normally construe the existence of a contract from the conduct of the parties rather from their words or correspondence. Yet to all reasonable men, his action implies that he will pay his fare, while the… Continue reading Implied Contracts

Express Contract

An express contract is an exchange of promises in which the terms by which the parties agree to be bound are declared either orally or in writing, or a combination of both, at the time it is made. Express Contracts can also be defined as a class of contract the term of which are expressed… Continue reading Express Contract

Simple Contracts

Simple contracts is a kind of contract (otherwise known as informal contract) is a type of contract whether written or oral, which is not under seal. It can also be implied from the conducts of the parties. Formerly, this agreements were referred to as parol contracts, but nowadays lawyers apply the word parol specifically to… Continue reading Simple Contracts

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

Elements of 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 Elements of 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