Introduction

The purpose of this assignment is to present our knowledge of the laws of contract and the various legal principals arising in each case. Explaining and applying the 4 basic elements of a valid contract as well as other aspects of contract including capacity to enter a contract, the postal rules, contractual terms implied and express, relevant law relating to discharge of contract, remedies for breach of contract, types of damages recoverable and remoteness of damage. There are 3 different cases interrelated but completely different from each other, Alex & Malcom Malcolm & Alex, Malcom & Cathy and Cathy & Malcom. We identified and discussed the relevant aspects of contract law.

A contract is a legally enforceable agreement between persons to do different things” (2007)
A contract can be very simple as in the above examples or they can be very complex. The same rules apply for every contract whether it is for €100 or €1 million.

A contract can be:

• In Writing
• Orally
• By inference (implied between the parties) In order to get a valid contract we need to know some crucial elements.

• Offer – An offer is an expression of willingness to contract on certain terms. It must be made with the intention that it will become binding upon acceptance. There must be no further negotiations or discussions required.

• Acceptance – The general rule is that acceptance is not effective until it is communicated to the offeror. This is sometimes expressed by saying that the acceptance cannot be made through silence.

• Consideration – The traditional definition of consideration as set out in Currie v Misa (1875): a valuable consideration, in the sense of the law, may consist either in some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss of responsibility given,