Summary

Summary KTR211- law of Contracts 211 - Nature AND Basis OF Contractual Liability

0 purchase

Course
KTR211

Institution
University Of Pretoria (UP)

Chapter 1: The nature and basis of contract The notion of the contract: Contract as an agreement intended to create enforceable obligations  A contract is an agreement between two parties  Not all agreements are contracts  Serious intention to create legally enforceable obligations di...

[Show more]

Preview 2 out of 13 pages

View example

Uploaded on November 28, 2021
Number of pages 13
Written in 2021/2022
Type Summary

ktr211 law of contracts 211
summary ktr211 law of contracts 211 nature and basis of contractual liability

Institution
University of Pretoria (UP)
Course
KTR211

LOVELY01

Member since 3 year 968 documents sold

$3.00

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

Summary KTR211- law of Contracts 211 - Nature AND
Basis OF Contractual Liability
Chapter 1: The nature and basis of contract

The notion of the contract:

Contract as an agreement intended to create enforceable obligations
 A contract is an agreement between two parties
 Not all agreements are contracts
 Serious intention to create legally enforceable obligations distinguishes contracts from non-binding
agreements (animus contrahendi)
 Example: a date with a girl is not a contract but you agree on a time

Legally binding agreements that are not contracts
 Classification of legally binding agreements:
- Obligationary agreements one or more obligations are created

obligationary agreements are contracts, example: sale and lease

- Absolving agreements obligations are discharged or extinguished
- Real (or transfer) agreements  rights are transferred, mainly ownership

Legally binding agreements that are more than just contracts
 Some legally binding agreements that create obligations for the parties cannot be regarded as just a
contract because they contain elements giving them another dimension or placing them in a
separate category
 It is based on the agreement of the parties and gives rise to obligations eg. The duty to support
 Example: Marriage or judgement by consent does not create obligations, cannot be made or
terminated by free exercise, it requires the state

Definition of a contract
 A contract is an agreement entered into by two or more persons with the intention of creating a
legal obligation or obligations

Requirements for a valid contract:
 The contract must meet the requirements in order for it to be a valid and binding contract:
o Consensus minds of the parties must agree on all material aspects of the agreement
o Capacity must have the necessary capacity to contract
o Formalities if present, all formalities must be complied with
o Legality agreement must be lawful, not prohibited by statute or common law.

, o Possibility the obligations must not be impossible
o Certainty agreement must have a definite content so that the obligations can be enforced

The nature of the contract:
 Contract is a juristic act an act to which the law attaches the consequences intended by the
parties. Conclusion of a contract is bilateral or multilateral:
 Bilateral or multilateral minimum of two parties to an agreement
our law doesn’t recognise a unilateral promise as binding = a meeting of 2
minds is required.
 Reciprocal most contracts entail reciprocity:
one party’s performance is promised in exchange for the other party’s performance
In other words : both/all parties have rights and duties
not all agreements are reciprocal
exception: donation contracts
 Informal-formal process of contracting is mostly an informal one
majority of contracts are concluded orally or tacitly without formality
 Freedom of contract parties can agree to anything that is possible and lawful
 Warranty
 A contract entails undertakings –on one or both sides. The undertaking may be to
- make a certain performance : immediately or in future
- to give something (dare) OR
- to do something (facere) 0R
- to refrain from doing something (non facere)

Contract and the law of obligations:
 Law of contract forms part of private law and, more particularly, the law of obligations
 How does contract relate to other branches of the law of obligations, in particular delict and
enrichment?

The concept of obligation
Definition of obligation: a legal bond between two or more persons, obliging the one (the debtor) to give,
do, or refrain from doing something to or for the other (the creditor)

 Personal right (ius in personam)legal relationship created by an obligation is a personal one
only enforceable against the contracting parties
creditor can demand performance only by debtor and debtor is
obliged to perform only to the creditor
 Real right (ius in rem) enforceable against the whole world
 Civil obligation enforceable by action in a court of law (usually the case)
 Natural obligation unenforceable but does have certain legal consequences
 Primary sources of obligations : contract and delict

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller LOVELY01. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $3.00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67479 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Summary

Summary KTR211- law of Contracts 211 - Nature AND Basis OF Contractual Liability

Document information

Subjects

Written for

Seller

Reviews received

Content preview