Contract Law: Basic Principles (privity, n…
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The basic principles of contract law include: Formation: making a clear and definite offer to contract and accepting it unambiguously. Consideration: exchanging something of value between the parties. Privity: the relationship between the parties who are bound by the contract. Variations: changing the terms of the contract by mutual agreement. Novation: transferring the rights and obligations of the contract to a third party. Entire and divisible contracts: determining whether the contract is a single whole or composed of separate parts. Termination: ending the contract by performance, agreement, breach, or frustration. Remedies: seeking legal or equitable relief for breach of contract. Formation - making a contract Consideration in contract law Privity of Contract Variations: Changing legally binding contracts Offer There must be a clear and definite offer to contract. The offer cannot be vague. ... Acceptance An offer must be accepted unambiguously through words, actions, or performance. ...
Formation: making a clear and definite offer to contract and accepting it unambiguously.
Consideration: exchanging something of value between the parties.
Privity: the relationship between the parties who are bound by the contract.
Variations: changing the terms of the contract by mutual agreement.
Novation: transferring the rights and obligations of the contract to a third party.
Entire and divisible contracts: determining whether the contract is a single whole or composed of separate parts.
Termination: ending the contract by performance, agreement, breach, or frustration.
Remedies: seeking legal or equitable relief for breach of contract.
Formation - making a contract
Consideration in contract law
Privity of Contract
Variations: Changing legally binding contracts
Offer There must be a clear and definite offer to contract. The offer cannot be vague. ...
Acceptance An offer must be accepted unambiguously through words, actions, or performance. ...
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