RICS Training - Contract Practice - Session 01 - everything about Contracts

Definition: A contract is a legally binding agreement between two or more parties that creates an obligation to do (or not do) a particular thing.
Essential Elements:
Offer: One party must make a clear offer.
Acceptance: The other party must accept the offer without any conditions.
Consideration: Something of value must be exchanged between the parties (money, goods, services, etc.).
Legal Capacity: Parties must have the legal capacity to enter into a contract (age, mental competence, etc.).
Legal Purpose: The contract's purpose must be legal and not against public policy.
Types of Contracts:
Express Contract: The terms are explicitly stated, either orally or in writing.
Implied Contract: The terms are inferred from the parties' actions or conduct.
Void Contract: A contract with a purpose that's illegal or against public policy.
Voidable Contract: One party has the option to enforce or terminate the contract.
Unilateral Contract: One party makes a promise in exchange for the other party's performance.
Bilateral Contract: Both parties exchange promises to perform.
Formation: Contracts can be formed verbally, in writing, or even through conduct, depending on the circumstances and the type of contract.
Terms: Contracts typically include terms that outline the rights, duties, and obligations of each party involved. These terms can cover various aspects such as payment, delivery, timelines, etc.
Breach of Contract: When one party fails to fulfill its obligations under the contract, it's considered a breach. The non-breaching party may seek remedies such as damages, specific performance, or cancellation of the contract.
Interpretation: If there's a dispute over the contract's terms, courts will interpret the contract based on its language, the parties' intentions, industry customs, and other relevant factors.
Enforceability: For a contract to be enforceable, it must meet certain requirements, such as being in writing for certain types of agreements (like real estate contracts) and signed by the parties.

[@PayanullaKurippugalAtoZ1994]

Thanks for your class sir.Please do continue the classess.

[@QSWORLD.]

Thanks

[@Manojpushpakumara-kj5kp]

Its great Explanation

[@QSWORLD.]

Glad you think so!

[@afrathahamed1695]

PACDA certification from ROP

[@QSWORLD.]

Thanks

[@MIAC81]

Can you share slides