Contract Law are part of our everyday lives. For instance, when you got to a shop to buy a product, you enter into a contract with the shopkeeper to give you a product in exchange for your money. A contract is an agreement between two parties or more. As a law student, you ought to learn all about contracts from a competent law tutor London and make the learning process more comfortable and smooth.
What is contract law?
Contract law applies to contractual parties involved in a contract, and primarily focuses on their obligations and rights. This body of law also controls the interpretation, validity, and the relationship involved in an agreement between two or more persons or organisations.
Formation of a contract
All contracts start with an offer. For instance, you can offer money to buy a good; if the other party accepts the offer, then both of you have made a formal contract. They also have an option to refuse thus making it a ‘counter-offer.’
Effectiveness of a contract
Acceptance of an offer whether by conduct or word means the contract exists. Consideration is taken by one party, and where there’s a conditional contract, the condition is met. In short, the contract is enforceable when all terms are met.
A contract existing because of unlawful activities is treated as an illegal or void contract. Such a contract cannot be enforced by a tribunal or court.
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