SPECIALTY: ELECTRICAL POWEER SYSTERM (E.P.
S)
INSTITUTION: FONAB POLYTECNIC
COURS: LAW assignment
NAMES;
BEDKEH CHRISFEL BAHNJE
FONMBI JEFFREY NYINGCHIA
KEMBUNG HIRAH TAMKUW
KINDRZEKA DARIUS MBIDZENYUY
NSHOM RICHARD KENG
WANJAH DIEUDONNE PENN
Question 6: CONTRACTS AND INGREDIENTS OF VALID CONTRACT
Definition: A contract is defined as a legal binding agreement between two or
more persons enforceable by the court or creating rights and obligation
For a contract be valid, the following ingredients must be presence.
1) Offer
2) Acceptance
3) Capacity
4) Legality
5) Consent
6) Possibility of performance
7) CONSIDERATION
1) Offer
An offer is the willingness to enter into a contract. The person who makes n
offer is called an offeror. An offer must be communicated, clear and must be
distinguished from an invitation to treat
An invitation to treat is a call for someone to make an offer
How can an offer be terminated
An offer can be terminated in the various ways.
Revocation: the person making an offer can at any point in time withdraw
the offer, this implies that the offer has ben revoked.
Laps of time: an offer will ex[ire at the end of the time limit for which the
offer was made.
Death of the offree
Acceptance
Counter offer
2) Acceptance
Acceptance of an offer is the unconditional agreement to all the terms of an
offer.in other words it can be said to be the willingness to be bound by the terms
of an offer. acceptance can be made orally, in writing or by conduct of the
offferee. silence in law is always interpreted as acceptance. The person who
accepts an offer is called the offeree.
Characteristics of acceptance are:
Acceptance must be unconditional
Acceptance must be communicated
3) CAPACITY
For a contract to valid, the contracting parties must be of required age and of
sound mind. this implies that, minors are not allowed to contract. However,
there are certain types of contract in which minors engage in them, they will be
considered as valid. These contracts are called contracts of necessaries.
Necessaries are goods that are considered to be valuable to the wellbeing of the
minor.
4) LEGALITY
For a contract to be valid, the subject matter of the contract must be valid before
the law.
5) CONSENT
For a contract to be valid, the contracting parties must freely express their mind
free duress and undue influence
6) POSSIBILITY OF PERFORMANCE
Here, contracting parties should be able to discharge their obligations as stated
in the contract
7) CONSIDERATION
Consideration is the price of the contract, there are two types of considerations,
executed and executory consideration, executed consideration is consideration
that has been fulfilled while the executory is a promise to be fulfilled in the
future
CLASSIFICATION OF COTRACTS
Bilateral contracts
These are contract that involves only two persons
Multilateral contract
These are contracts that involves more than two persons
Unilateral contracts
These are contracts that involves only one party
Void contracts
This is a contract in which neither party can recover from another
Voidable contracts
This is a contract in which one of the contracting parties have the option
either to avoid the legal relationship created by the contract or validate the
contract by ratification.
Unfordable contract
These are valid contracts that cannot be enforced by court because they lack
some technical requirements
BREACH OF CONTRACT
A contract is breached if one of the party breaks one or more of the terms of the
contract or indicated in advance that he does not entail to perform the contract.
We can also say that a breach of contract is where one party fails to perform its
own part of the obligation as was stated in the contract. When one party suffers
from a bridge of contract from the other party, the party who suffers is exposed
to a lot of remedies
Remedies of breach of contract
Payment for damages: these are mandatory compensations aimed at putting the
injured party in the position that they would have been if the breach had not
occurred.
Damages are of two types; specific and general damages
Specific damages are damages that have monetary values while general
damages are damages that cannot be equated to monetary value. For example
psychological trauma and emotional stress.
Specific performance: it is an order from the court requisition one party to a
contract to perform his own part of the obligation as was stated in the contract.
Injunction: it is order from the court preventing one party from doing
something
DISCHARGE OF CONTRACT (TERMINATION OF A CONTRACT)
A contract can be discharged or terminated in the following ways
By agreement: what was agreed by parties can set aside by the parties
themselves by ways of mutual agreement.
By performance: this is when each of the parties to the contract has carried out
what he or she was supposed to do.
By breach: a contract is said to breach if one party to a contract fails to perform
its own part of obligation
By frustration(act of God or Force majeure): a contract may come to an end
by no fault from the parties but by happening beyond their reasonable
contemplation or understanding which prevented them from performance.
By operation of the law: when we talk of a contract coming to an end or
discharged by law, we mean dead of one of the contracting party and lapse of
time
