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Meaning and Characteristics of Contract - Coursework Example

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The author of the "Meaning and Characteristics of Contract" paper focuses on the documents forming or proving that series of promises or acts, or their performance and also it is very important that legal associations ensue from that series of promises or acts. …
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Meaning and Characteristics of Contract
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Download file to see previous pages Even as it is almost certainly not viable to give one total and generally correct definition of a contract, the most normally admitted definition is: 'a promise or set of promises which the law will enforce' (Pollock Principles of Contract (13th Edn) 1). The key considerations for the enforcement of a contract against a promisor are economic meaning the economic obligation of gripping the adherence of bargains and moral meaning moral reason that the guarantee was freely given.

According to the present law of contract, claim for money is either for ‘payment of an agreed sum’, or for damages for breach of contract. In the 19th century, these two ideas made the common law to sanction full freedom and purity of contract, for instance, the rule of entire contracts laid down in Cutter v Powell (1795) 6 Term Rep 320 but at the same time freedom of contract accepts the equality of bargaining power, and later on, both common law and statute have inclined to incline against freedom of contract in case of equality being absent.

A contract is said to be valid if and only if two or more different and definite parties enter into an agreement with regard to a contract. There must also be the presence of consensus ad idem between parties. Apart from this the parties also must have the intention of creating a legal relationship such that the promises of each side are enforceable purely since they are contractual promises. In addition to this, the promises of each party must be backed by consideration, or by some factor which the law will accept.
Two parties that are the promisor and the promisee are required and thus an arrangement between 2 departments or branches of the same firm or company is not a contract (per Grey v Ellison (1856) 1 Giff 436) also a person cannot contract with himself (Henderson v Astwood, Astwood v Cobbold, Cobbold v Astwood [1894] AC 150, PC (mortgagee selling by auction under the power of sale cannot purchase the property himself); Moore, Nettlefold & Co v Singer Manufacturing Co [1904] 1 KB 820, CA (landlord selling under distress cannot be himself the purchaser); Ingram v IRC [1997] 4 All ER 395. ...Download file to see next pagesRead More
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