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(p. 151) 8. Contracts, Contractual Capacity, Mistake, Misrepresentation, and Duress 

(p. 151) 8. Contracts, Contractual Capacity, Mistake, Misrepresentation, and Duress
Chapter:
(p. 151) 8. Contracts, Contractual Capacity, Mistake, Misrepresentation, and Duress
Author(s):

James Marson

and Katy Ferris

DOI:
10.1093/he/9780198727347.003.0008

Note: An update has been made available on the Online Resource Centre (April 2016).

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date: 19 August 2019

This chapter is a continuation of the previous one, and also discusses the essential features of a legally binding, or valid, contract. It puts particular importance on ‘consideration’, which is what makes a promise or agreement a ‘bargain’ and, therefore, enforceable. The courts are not bound to, and will not, consider a ‘bare promise’. Contracts must intend to be legally binding, and not just be social or domestic agreements, and they must contain certain terms that identify the rights and obligations of both parties. Without an understanding of these crucial elements, agreements may be concluded but they will not create an enforceable contract. Also, although a contract is enforceable by those parties to it, this right can be extended to third parties if the contract has been made for the benefit of these parties.

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