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CONTRACT by Mind Map: CONTRACT

1. 2. ACCEPTANCE

1.1. Example: Accepting a job

1.2. Communication of Acceptance

1.2.1. 1. Must be communicated to the offeror

1.2.2. 2. Acceptance must be unconditional with the terms of contract

2. 4. INTENTION TO CREATE LEGAL RELATIONSHIP

2.1. eg. An intention to enter a legally binding agreement or contract

3. 1. OFFER

3.1. Example: Job offer/ offer of services

3.2. Terminating an Offer

3.2.1. 1. Withdrawal

3.2.2. 2. Rejection

3.2.3. 3. Lapse of time

3.2.4. 4. Failure of condition

3.2.5. 5. Death

4. 3. CONSIDERATION

4.1. Example: payment to one party in exchange for a promise or performance by the other party

5. 2 CONTRACT FUNCTONS

5.1. 1. prove of specifies terms and intention of the parties

5.2. 2. ensure parties are entering into a contract deliberately and not on impulse or under improper pressure.

6. PRIVITY OF CONTRACT

6.1. Example: In an employment contract, only the employer or the employee may be bound by the terms of the contract.

6.2. TERMS OF A CONTRACT

6.2.1. 1. Express terms

6.2.1.1. eg. Price of a product, number of work days and hours, specific duties.

6.2.2. 2. Implied terms

6.2.2.1. eg. A restaurant to ensure that food is fit for consumption.

7. VITIATING FACTORS

7.1. 1. Incapacity

7.1.1. a) Minor

7.1.2. b) Mentally unsound

7.1.3. c) Intoxicated persons

7.2. 2. Illegality

7.3. 3. Duress or Undue Influence

7.3.1. threat or actual injury

7.4. 4. Misrepresentation

7.4.1. a) Fraudulent

7.4.2. b) Neglienct

7.4.3. c) Innocent

7.5. 5. Mistake

7.5.1. a) Common mistake

7.5.2. b) Mutual mistake

7.5.3. c) Unilateral mistake

7.5.4. d) Non est factum

8. DISCHARGE

8.1. 1) Performance

8.2. 2) Agreement

8.3. 3) Breach

8.4. 4) Frustration

8.5. REMEDIES

8.5.1. 1) Award damages

8.5.1.1. Common Law

8.5.1.1.1. a) Liquidated Damages

8.5.1.1.2. b) Unliquidated Damages

8.5.1.1.3. c) Normal Damages

8.5.1.1.4. d) General and Special Damages

8.5.2. 2) Impose specific performance

8.5.2.1. eg. party are forced to sell if the court said so

8.5.3. 3) Injunction

8.5.3.1. eg. court order to restrain a party from committing a breach of contract

8.6. Avenues for Claims

8.6.1. 1. Mediation

8.6.1.1. eg. resolution by mediator is non binding/ less formal

8.6.2. 2. Abritration

8.6.2.1. eg. Each side tries to convince one or panel of arbitrator such as judges and layers.

8.6.3. 3. Tribunal

8.6.3.1. eg. Provide a quick and inexpensive forum to settle small claims.

9. LAW

9.1. 1) Breach of terms in a contratc

9.2. 2) Privity of contract between plaintiff and defendant

9.3. 3) Breach of contractual terms

9.4. 4) Minors generally cannot enter into a contract

9.5. 5) Remedies:

9.5.1. a) Damages

9.5.2. b) Injunction

9.5.3. c) Specific performance