Contract law vocabulary pdf

Contract terminology examples
For a contract to be legally binding, and therefore enforceable, it needs to satisfy four principles: offer, acceptance, consideration and the intention to create legal relations..
Contract terminology examples
The source states that for a contract to be valid, it must generally contain all four elements: (i) offer, (ii) acceptance, (iii) consideration and (iv) legality..
What are contract terms in contract law?
A contract term is any provision or term that forms part of a contract.
Each of these terms provides a contractual obligation, which can lead to litigation if breached.
Every contract a business enters will have critical terms that fall into various categories..

Contract terminology examples