LAW OF CONTRACT FOR NON LAWYERS
WHAT if i told you, you dont require a Law degree to know about some certain laws? Alot of us have said or done something that got us into been in contract with somebody but are unaware of it. The other person isnt even aware he could use those words against you.
IN my bid to become a chartered accountant even when am studying Mathematics in the university i had to take this course called Business Law, it was so interesting that i regretted not becoming a Lawyer myself. I enjoyed some topics in this course but Law of Contract was my favorite of them all this is because cause it was a topic one could easily relate with because this law is crazy significant in the running of the society.
Carlill V. Carbolic Smoke Ball Co. (1983). In this case, the Company advertised that a reward of £ 100 would be given to any person who contracted influenza after having used the smoke-balls of the Company as directed. Mrs. Carlill used the smoke-balls according to the directions of the company. but contracted influenza. It was held, that the offer was a general one, and Mrs. Carlill had accepted it by acting in accordance with the advertisement, and therefore, the company could not get away from its responsibility by saying that they had not meant it seriously. She was entitled to the reward. These is just an example of what knowing the law of contract could do for you.
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WHAT IS LAW OF CONTRACT?
A Contract is a legally enforceable agreement. It is to say all contracts are agreement but not all agreements are contracts. Mere domestic agreement are not ususally intended to be binding therefore are not contracts. E.g A husband promised to pay a housekeeping allowance to his wife. Held a mere domestic agreement, with no intentions to create a legal relationship. What then is law of contract? It is am agreement enforceable by law according to the definition of Osborn's concise law dictionary.
The law of contract can also be defined as a voluntary agreement whereby a person undertakes, for a 'reward'(consideration) to perform an act for another. It creates an obligation entorceable by law..
ELEMENTS OF CONTRACT.
1: AGREEMENT: This is the first thing to consider before any other element. Is there an agreement between two parties: this may be in writing, by words or from conduct of the parties or even a combination of them both. The example above of Carbill V. carbolic Smoke ball company it can be seen that an agreement was made by the company to the general public. This goes to show that an offer could be made not only to individuals or group of persons but to the whole world. It is important to note that there must ne an agreement of minds called Consensus ad idem in law.
2: INTENTION TO CREATE LEGAL RELATION:
Now the parties involved must intend to create a legal relation. They must intend that if the offer is accepted, a legally binding agreememt shall result.
3: CONSIDERATION: This can be defined as some right,interest,benefit,profit accuring to a party or some forbearance,detriment,loss or responsibility given,suffered or undertaken by the other. It is simply a price paid by one party the promisor for the promise or act done by the promisee. There are some rules too in respect of consideration but i would skip it.
COERCION: Here if the party was corced into making the contract he is generally entitled to avoid it. There is no consensus ad idem.
PROMISSORY ESTOPPEL: The doctrine may be used only as a shield, not sword, meaning it is only available as a defense to an action. It cannot in itself be a ground for bringing an action.
OFFER: It is a definite statement by one party of the terms which he will contract the other party to whom statement is made. The party who made the offer is the offeror the other party is the offeree.
INVITATION TO TREAT: It is merely statements preliminary in negotiations to an offer which may lead to contract. They are are an offer only an invitation to treat.
TERMINATION OF AN OFFER:
An offer can be rokoved
An offer may lapse.
An offer can be terminated if the offeror dies.
BREACH OF CONTRACT
It occurs when one party repudiates his obligations or fails to perform his part of the agreement.
DISCHARGE OF A CONTRACT:
A contract can be brought to an end by these ways :
1: By performance
2: By agreement
3: By operation
4: By frustration.
Am E.T.E.M.I and i am Jack of all Trades:
You have a minor typo in the following sentence:
It should be a lot of instead of alot of.Who send you oversabi @grammarnazi this table you are shaking has a lot of Nigerians sitting on it, in nigeria minding your business is good business. Agbaya, better pack well.
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At the same time, as practice shows, legally literate citizens can avoid cheating when buying housing in a house under construction and without the intervention of the head of state. Deceived participants of share construction - an ordinary apartment or a loft - should know the most widespread schemes of cheating shareholders and not be led by an evil developer. I have many acquaintances, who have inattentively concluded their contract or contract, or made a mistake, which contributed to further deceit. That is why I think everyone should know the Vad menas med avtal not to be deceived.