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Assignment sample solution of CLW202 - Law of Contracts

Q.1. Define the essential elements of a valid contract.

Q.2 What is the significance of consideration in contract law?

Q.3. Explain the concept of breach of contract and its remedies.

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Civil Law Assignment Sample

Q1:

Answer :

Q.1 Ans. A valid contract requires offer, acceptance, consideration, intention to create legal relations, and capacity. The offer and acceptance establish mutual agreement, while consideration involves something of value exchanged. Legal intent ensures enforceability, and parties must have the capacity to contract, like being of sound mind and legal age.

Q.2 Ans. Consideration is the value exchanged between parties, making agreements enforceable. It need not be monetary but must be sufficient and lawful. For example, exchanging services or goods qualifies as valid consideration, ensuring mutual obligations and fairness in contractual relationships.

 

Q.3 Ans.  A breach occurs when a party fails to fulfill contractual obligations. Remedies include damages, specific performance, and rescission. Compensatory damages restore the injured party, while specific performance enforces the agreed terms. Rescission cancels the contract, returning parties to their pre-contract position.