PO210 Lecture 9: Po210 lecture 9
Document Summary
There has to be mutual consent of the parties. : there has to be an offer, an acceptance, and there must be communication of the offer and acceptance, must have consideration and have intention. Statutory requirements: you must follow legislation for the contract to be valid. It has to be dated, witnessed and signed. You have to receive something in exchange for something else. There has to be a consideration or it would not stand up in court. 4 fundamental rules for consideration: consideration must be sufficient but not necessarily adequate and specific, does not have to be dollar to dollar. Consideration is distinct from motive, but discharge of a moral or legal obligation is generally not sufficient. Consideration may be present or future, but not past. There must be intention to enter into a legal relationship. : do the parties have the capacity to enter into the contract.
