Every day we enter contracts, most of those contracts are subconsciously entered into and we are rarely aware of the intrinsic nature of a contract and all of the essential elements which must be fulfilled in order to have a legally binding and enforceable contract, we simply take the law of contract for granted. Simply buying a bottle of water or your morning coffee affords the same legal principles as buying a car or entering into a million euro business deal. Contracts do not need to be in writing to be enforceable, on the contrary, if you were to have a written contract every time you went to the shop for a paper or to buy a coffee there would be some very long queues as you would have to write the terms of the contract down and sign it, time consuming and frivolous as very little, actually selling would be done due to the time which it would take per person to put all of the essential elements of a contract in writing. There are some contracts which require a written and signed deed (written document or agreement) mainly the sale and purchase of land, property, commercial property and loans. If you are buying or selling something, of course you can request that this sale or purchase be written down, you can set your own rules and as long as they are not breaching any legal rules or legislation and the other persons signs, then you can pretty much set out whatever rules you want, however for most sales or purchases this is a formality and not a requirement for the contract to be binding on both parties. Agreements create obligations. Therefore, any agreement that is enforceable in a court of law is a contract and no person should be bound unless they have given their informed and true consent to the contract. What is a Contract? Formation of a Contract Offer Bilateral contract Unilateral contract Distinction between Offer and Invitation to Treat Termination of an offer Acceptance The Postal Rule (for acceptance) Intention to Create Legal Relations Consideration Consideration in Bilateral Contracts Unilateral Contracts Executed and Executory Consideration Rules of Consideration Must be sufficient, but need not be adequate Consideration must not be past Must not be more than the party already has to do Performance of Public or Statutory duty Promissory estoppel Doctrine of Privity of Contract Privity of contract Third-Party Beneficiary: Capacity Minors Persons of unsound mind Intoxication Capacity of Companies Contents of a Contract Condition Warranty Innominate Term Difference between a term and a representation Express terms Implied Terms Officious Bystander Test Matter of Law Implied under Statute Terms implied by the Courts Implied by Custom The Parol Evidence Rule Mistake Common Mistake Unilateral Mistake Mistaken Identity Remedies for Mistake Damages Rectification Rescission Specific Performance Duress Threats to the person Threats to property Threats to sue Economic Duress Pressure Unlawful pressure Causation Remedies for Duress Undue Influence Presumed Undue Influence Presumed on Relationship Special relationships Rebutting the presumption of Undue Influence The effect of undue Influence Remedies for Undue Influence Unconscionable Bargain Misrepresentation Fraudulent Misrepresentation Negligent Misrepresentation Innocent Misrepresentation Statements which were not believed Remedies Compensation Recession Bars to rescission Exemption Clauses Limitation Clause Exclusion Clauses Void Contracts Contracts restraining trade Illegal Contracts Champerty Effects of Illegality Discharge of Contract Performance Agreement Notice Anticipatory Breach. Promises and the law of contract Tenders Case law in Contract Frustration The Legal Effects of Frustration Discharge Voidable Total failure of consideration Remedies Damages in Contract Specific performance Breach of contract and damages The lighter side of the law Multiple Choice Questions and Answers Glossary of Terms

About the Author

Teresa is a civil rights advocate, and lecturer in law. In recent years, she has taught at a number of private colleges throughout Ireland, where she was a lecturer in law, specialising in CPA and ATI. In addition to her lecturing & advocacy experience, Teresa has worked as a private investigator where she specialized in miscarriage of justice and human rights issues. Teresa is a graduate of the University of Portsmouth. Although still lecturing, she currently devotes much of her time to freelance writing; public speaking; consulting with advocacy organisations committed to ending human rights violations; such as womens rights and miscarriage of justice and, most important, her family-the most challenging and rewarding job of all.