Contractual Law basics Act
The Parliament of Stratham enacts:
Section 1. Short Title
(1) This Act is the CoLB Act.
Section 2. Commencement
(1) All provisions shall come into effect upon signage of this bill.
Section 3. Purpose and Reasoning
(1) Establish proper guidelines for members of the court
(2) To establish a basic legal framework for contract law and to make it easier to understand.
Section 4. Contract Law Basic 1
(1) A contract is a legally binding agreement that is one over which you can sue or be sued to enforce.
(2) If an agreement is to be a contract there must be a certain essential criteria that must exist in order to create a contract.
(3) These are in order: Offer, Acceptance, Consideration, Capacity, Legality, Legal intent and Format.
(4) If any one of these criteria are absent from the arrangement it will not suffice and a contract, meaning it will not legally bind the two people together.
Section 5. Contract Law Basic 2: Offer, Acceptance, Consideration
(1) A contract must begin with an offer, this is an unequivocal statement of terms on which you are prepared to do business, It cannot be vague or ambiguous.
(2) Acceptance is a statement of willingness to enter into a contract as offered, it is the act the creates the contract. At that moment of acceptance the parties to the contract are bound and cannot be revoked unless mutually assured.
Section 6. Contract Law Basic 3: Intention and Terms
(1) The test for intention; §would a reasonable person considering all the circumstances of the agreement conclude whether there was any intention to enter into a legal relation. The presumption is that the intention to create legal relations is present, the burden of proof is on the party seeking to deny it.
Section 7. Contract Law Basic 4: Termination
Section 8. Contract Law Basic 3: Parties to a contract
Authored by Poemhunter on behalf of The People of the Republic of Stratham.
The Parliament of Stratham enacts:
Section 1. Short Title
(1) This Act is the CoLB Act.
Section 2. Commencement
(1) All provisions shall come into effect upon signage of this bill.
Section 3. Purpose and Reasoning
(1) Establish proper guidelines for members of the court
(2) To establish a basic legal framework for contract law and to make it easier to understand.
Section 4. Contract Law Basic 1
(1) A contract is a legally binding agreement that is one over which you can sue or be sued to enforce.
(2) If an agreement is to be a contract there must be a certain essential criteria that must exist in order to create a contract.
(3) These are in order: Offer, Acceptance, Consideration, Capacity, Legality, Legal intent and Format.
(4) If any one of these criteria are absent from the arrangement it will not suffice and a contract, meaning it will not legally bind the two people together.
Section 5. Contract Law Basic 2: Offer, Acceptance, Consideration
(1) A contract must begin with an offer, this is an unequivocal statement of terms on which you are prepared to do business, It cannot be vague or ambiguous.
(2) Acceptance is a statement of willingness to enter into a contract as offered, it is the act the creates the contract. At that moment of acceptance the parties to the contract are bound and cannot be revoked unless mutually assured.
- A valid acceptance is essentially saying yes to the offer. Acceptance of an offer must be absolute and unqualified, if not the original offer is rejected and the contract must start afresh.
Section 6. Contract Law Basic 3: Intention and Terms
(1) The test for intention; §would a reasonable person considering all the circumstances of the agreement conclude whether there was any intention to enter into a legal relation. The presumption is that the intention to create legal relations is present, the burden of proof is on the party seeking to deny it.
- Rebutting a presumption can be, A lack of certainty and formality, vagueness on essential terms, absence of reliance on the agreement and an agreement made in haste.
- Conditions are the most important term which form the main structure of the contract breach of one of these gives the injured party the treat itself as free of any further contractual duties.
- Warranties do not allow the injured party to refuse to perform its side but rather they are entitled to compensation. These are more considered ancillary than crucial to the makeup of a contract.
- Expressed intentions must be conditions.
- These expressed terms must be specifically communicated by the offeror whereas implied terms come from statute law or the courts.
Section 7. Contract Law Basic 4: Termination
- Revocation is one such method, this means an offer can be revoked or withdrawn at any time before it is validly accepted and to be effective the offeror need only show that at the time of the purported acceptance the offeree knows that the subject matter Is no longer available to the offeree. This must be communicated from the offeror.
- If the offer is rejected the offer is then terminated.
- A counter offer to the same effect has the potential to terminate the contract as they are operating out of the offerors original offer.
- Banned party; ifa party is banned to the contract then it will be void
- Lapse fo time, an offer will cease to exist if not accepted within any specified time limit set by the offeror.
Section 8. Contract Law Basic 3: Parties to a contract
- Offeror - person making an offer
- (2) Offered - person seeking to engage with the offer
Authored by Poemhunter on behalf of The People of the Republic of Stratham.
