Contract law is a very important field of law. Every one of us, already as a minor has entered into various contracts, possibly without realising it. For a valid contract to exist there is no requirement that the contract be in writing unless specific conditions apply. Instead the elements that are necessary for a contract to be valid is an offer, acceptance and valid consideration. If those three element exist and the parties had the legal capacity to enter into the contract and they do so in their own free will, then the contract is valid and legally binding on the parties. This means that any party to a contract can sue and claim damages or other restitution in case of breach. Importantly only contact parties can sue in case of breach and not third parties.
Contract law is a very important field of law. Every one of us, already as a minor has entered into various contracts, possibly without realising it. For a valid contract to exist there is no requirement that the contract be in writing unless specific conditions apply. Instead the elements that are necessary for a contract to be valid is an offer, acceptance and valid consideration. If those three element exist and the parties had the legal capacity to enter into the contract and they do so in their own free will, then the contract is valid and legally binding on the parties. This means that any party to a contract can sue and claim damages or other restitution in case of breach. Importantly only contact parties can sue in case of breach and not third parties.
-
Add a note