Principles of Contract Law

Principles of Law of CONTRACT A contract is an agreement enforceable by law. Whenever an agreement is considered as binding and obligatory by the court in the sense that whoever fails to fulfill it may be sued, that agreement is a contract. Sir Williams Arson, in his book Principles of the laws of contract defined a contract as “a legally binding agreement made between two or more persons, by which rights are acquired by one …

…illegal enterprise, despite the existence of consensus ad-idem. CONCLUSION With the forgoing one must agree that the existence of consensus ad-idem evidence by offer and acceptance is very vital for the existence of a contract. However, the enforceability of a contract depends heavily on consideration and on issues like complying with legal formalities, contractual capacity, intention to create legal relationship. However the most important is legality of the subject matter and consideration of the contract.