KTR211 (KTR211)

CHAPTER ONE THE NATURE AND BASIS OF CONTRACT THE NOTION OF CONTRACT A contract is an agreement between two or more parties with a serious intention of creating a legally bindingobligation(s) – animus contrahendi Legally bindingagreements that are not contracts: • Obligationary agreements – where obligations are created, i.e. sale and lease agreements • Absolving agreements – where obligations are canceled, i.e. settlement agreements • Real or transfer agreements – where rig...

KTR211- law of Contracts 211 - Nature AND Basis OF Contractual Liability