DISCHARGE OF CONTRACTS Discharge of contracts implies a termination of the contractual agreement and the contract obligations come to an end. Discharge by performance Discharge by breach Discharge by performance is where all parties to a contract have fulfilled their part of the terms to the contract agreement, so all primary obligations will cease. Discharge … Read More

REMEDIES FOR BREACH OF CONTRACT Remedies for breach of contract include: ·        Action for price ·        Action for damages Action for price: Where there has been a breach of a contract of sale, the seller can sue the buyer for the price of the goods. Action for damages: Where there has been a breach of … Read More

WHAT ARE PRE-INCORPORATION CONTRACTS? These are contracts entered into by a third party on behalf of a company which has not yet been formed. A pre-incorporation contract is binding on the third party who is acting on behalf of the unformed company. ·        A pre-incorporation contract is a contract entered into on behalf of a company … Read More

WHAT ARE THE TYPES OF CONTRACTS? There are different types of contracts and these include: ·        Void contracts       Contract that cannot be enforced by law because it involves an illegal act or an agreement which is impossible to execute ·        Voidable contracts       Contract that is valid but can be … Read More

WHAT ARE THE ELEMENTS OF A CONTRACT? For a contract to be established, the following have to be existing: ·        Offer and acceptance (an agreement) ·        Consideration ·        Intention to create legal relations ·        Capacity OFFER: A definite expression of willingness to be held accountable on specified terms without any further changes to the agreed … Read More