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(p. 15) 2. Contract I: essential features of a contract 

(p. 15) 2. Contract I: essential features of a contract
Chapter:
(p. 15) 2. Contract I: essential features of a contract
Author(s):

James Marson

and Katy Ferris

DOI:
10.1093/he/9780198759126.003.0002
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date: 27 February 2020

Each Concentrate revision guide is packed with essential information, key cases, revision tips, exam Q&As, and more. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks.

This chapter discusses the essential features of a contract. Offer and acceptance are the first stages in establishing an agreement that may form a legally binding contract. An offer may be accepted at any point until it is terminated. Acceptance can only be made by the offeree or his/her agent. Consideration is the bargain element of a contract and may be referred to as the ‘price paid for a promise’. The parties must intend for an agreement to establish legal relations to create an enforceable contract. Presumptions exist in relation to social/domestic agreements and business/commercial agreements.

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