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Jemshah
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Asked: 2023-01-02T09:41:46+00:00 In:

State four essentials of a good contract. . (4 marks)June/July 2020

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State four essentials of a good contract. . (4 marks)June/July 2020

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    1. Offer and acceptance: A contract must involve a valid offer made by one party and accepted by the other party.
    2. Consideration: Both parties must provide something of value, known as consideration, in exchange for the performance of the contract.
    3. Capacity: Both parties must have the legal capacity to enter into a contract, meaning they must be of legal age and of sound mind.
    4. Legality: The contract must not be for an illegal purpose or involve illegal activities.
    5. Formality: Some contracts may require a specific formality, such as being in writing or being signed by both parties.
    6. Certainty: The terms of the contract must be clear and certain, so that the rights and obligations of both parties are understood.
    7. Intention to create a legal relationship: Both parties must have the intention to create a legally binding agreement.
    8. Performance: The contract must be capable of being performed by both parties.
    9. Discharge: The contract must provide for a means of discharge, such as completion of performance or mutual agreement to terminate the contract.
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