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Summary Topic 13: Contracts
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Topic 13: ContractsUnit 1: Definition of a contract and why contracts are necessary
Defined: a contract is an agreement between two or more persons to do or not to do something. A contact can be oral,
written or implied.
2.2 Elements of a contract
Offer and acceptance - both(all) parties must accept and understand the terms of the contract to mean the same
thing
Consideration - something of value must be exchanged
Intention - the parties must intend the contract to be legally binding
Capacity - both (all) parties must enter into a contract without being mentally insane, drunk, drugged or under
age
Form - if a particular legal form is required for the contract it must be completed
Genuine consent - both(all) parties must not sign a contract if forced by threat, fraud or misrepresentation
Legality of purpose - the contract must be legal
Possibility of performance - it must be possible for the contract to be fulfilled
2.3 Why are contracts necessary?
Co-operative relationships help businesses to run smoothly and make more profit. To maintain good relations,
there has to be agreement on various issues. This is often in the form of a contract. The rights and
responsibilities of the two or more parties are clearly laid out in terms of the contract.
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