Basic Elements that Constitute a Contract and Vitiating Factors

Description

This Skill Bit talks about a valid contract, which requires five essential elements: an offer, acceptance, consideration, capacity, and intention. These elements must all be present for the contract to be enforceable, though specific requirements may vary by jurisdiction. Additionally, contracts can be voided by factors such as misrepresentation, mistakes (common, mutual, or unilateral), Non Est Factum, and illegality in purpose or performance. The impact of these vitiating factors can also vary by jurisdiction.

Duration approx. 6 Min.

Tier: advanced