The working definition of the term Contract was provided, so also the basic elements of Contracts were identified. We equally supplied some examples of Contract. This week, we will go further and consider the first element of a valid contract as well as some “must know” principles. ๐ฃ ๐ฃ ๐ฃ A Contract could either be written or oral. The facts that terms were not reduced into a written document before the commencement of a project, assignment, relationship etc., does not make it less of a Contract. ๐ However, it is desirable to have a written Contract, where all terms, conditions, parties’ expectations etc., are contained in a document. ๐ Please note, that where there is a written contract, parties will be bound by the terms and none of the parties will be allowed to introduce a term, clause, condition etc., not contemplated or agreed to jointly by the contracting parties. Generally, it is advocated that a written contract is more desirable as contracting parties’ r...
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