Some consideration must pass and the parties must have intended their dealings to give rise to a legally binding agreement. Certain Statutes of General ApplicationĪ contract comes into existence when an offer one party is unequivocally accepted another and both parties have the requisite capacity. Under section 2 (1) of the Law of Contract Act, Cap 23, the sources of law of contract are:ģ. They make an agreement legally enforceable. These are the constituents or ingredients of a contract. The contract may be:Įxamples include contract of sale of goods, partnership agreement, and construction contracts. ![]() These are contracts whose formation is not subject to any legal formalities.
0 Comments
Leave a Reply. |