A bri efi ng from our Dispute Management team Required elements of a contract
FULL ARTICLE
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In order for a contract to exist in law, it must be
shown that there has been an offer, an acceptance of
that offer, consideration and an intention to create
legal relations. If one of these essential elements are
missing, the law will not recognise that a valid
contract has been created.
Chitty defines consideration as being concentrated
on the requirement that something of value must be
given in return for the promise provided. An example
of consideration is where A promises to take a
shipment of goods in return for which payment is
promised for the service. If no payment was offered,
then there is no consideration and therefore no
contract.
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