law of contract

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law of contract by Mind Map: law of contract

1. INTRODUCTION

1.1. An oral contract is a contract, the terms of which have been agreed by spoken communication. This is in contrast to a written contract, where the contract is a written document.

1.2. agreement between two parties that is legally

2. OFFER

2.1. S2 a contract act 1950 ,when a person shows his willing to do something of value,he can makes a proposal or an offer

3. ACCEPTANCE

3.1. when the person to whom the proposal is made signifies his assests thereto

3.2. a proposal,when accpeted,become a promise

4. CONSIDERATION

4.1. known as value for a promise

4.2. willingness to abstain from doing something can constitute consideration

4.3. need to be quantified in term of money

4.4. promise in return for a promise made by the others party can also constitute consideration

4.5. exception

4.5.1. natural love and affection

4.5.1.1. an agreement made on account of love and affection between tha parties standing in a near relation to each other need not be supported by consideration provided

5. INTENTION TO CREATE A LEGAL RELATION WITH OTHERS.

6. offer

6.1. can be made in writing or can be orally or by a telephone conversation or can be in walk in enquiry too

6.2. offeror , a person who makes an offer to others

6.3. offeree,a must to whom an offer is made an offer must be communicated to the offeree.

7. types of offer

7.1. uniliteral

7.1.1. when an offer makes a uniliteral offer

7.2. bilateral

7.2.1. one where the offeree is identifiable

8. request or supply of information

8.1. occurs when a person seeks information in order to decide whether to make an offer

8.2. when there is a reply to a request for a information

9. revocation of an offer

9.1. offer can be revoked due to lapse of time

10. acceptance distinguished from the counter offer

10.1. when an offer accept an offer,he is said to have made known to the offeror that he agrees to the term of the offer

10.2. when on offeree makes a counter offer,he or she destroys the original offer

11. communication of the acceptance and postal acceptance rule

11.1. acceptance must be communicate

11.2. brought to the notice of the offeror

11.3. acceptance can be by word or by conduct

12. uniliteral offer

12.1. acceptance by a performance

12.2. an offeree who is wish to accept a uniliteral offer merely has to perform the condition in the offer

13. postal acceptance rule

13.1. when an offeree uses a letter or a telegram to communicate his acceptance,its complete from the moment of posting

14. silence amount to the acceptance

14.1. section 3 CA 1950,acceptance can be made by any act or omision of the offeree by which he intend to communicate the acceptance or which has the effect of communicating it

15. revocation of acceptance

15.1. an offeree cannot be revoke his acceptance once it has been communicated to the offeror