LAW

The Law of Contract

The Law of Contract

Question 1 (a)

A contract may be identified simply as an agreement that is obligatory with authorization. On the other hand, it may be acknowledged as a promise or set of promises which the law will put into effect. All contracts are agreements -but not all agreements are contracts (Markham, 2002).

Contractual agreements can be classified as conditions, warranties or innominate terms. Conventionally, these were categorized as either conditions or warranties. The type of innominate terms was formed in Hong Kong Fir Shipping. It is significant for parties to properly recognize which terms are to ...