BASIC PRINCIPLES OF ENGLISH CONTRACT LAW

BASIC PRINCIPLES OF ENGLISH CONTRACT LAW
INTRODUCTION
 
 This Guide is arranged in the following parts:
 
I Formation of a Contract
II Contents of a Contract
III The end of a Contract
 
I FORMATION OF A CONTRACT
 
1. A contract is an agreement giving rise to obligations which are enforced or
recognised by law.
 
2. In common law, there are 3 basic essentials to the creation of a contract: (i)
agreement; (ii) contractual intention; and (iii) consideration.
 
3. The first requisite of a contract is that the parties should have reached
agreement. Generally speaking, an agreement is reached when one party
makes an offer, which is accepted by another party. In deciding whether the
parties have reached agreement, the courts will apply an objective test.

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