Contract Administration Supplementary Course Notes
By Janet Fox,2014-06-19 02:25
According to the Oxford Dictionary of Law, a contract is a legal binding agreement. An agreement arises as a result of offer and acceptance. For an agreement to be legally binding, (1) there must be consideration (unless the contract is by deed); (2) the parties must have an intention to create legal relations; (3) the parties must have capacity to contract; (4) the agreement must comply with any formal legal requirements; (5) the agreement must be legal; and (6) the agreement must not be rendered void either by some common law or statutory rule or by some inherent defect.