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A contract is a legally binding agreement between two or more persons.
When parties enter into a legally binding contract, they must fulfil their respective promises.
So, if one of the parties does not carry out his promise under the contract, the other party may sue for a breach of contract.
When suing for breach of contract, the party not at fault can ask for a number of remedies.
This party could :
Apply to the court for compensation for any loss suffered from the breach of contract.
Insist that the other party carry on with the contract as agreed by asking for the remedy of specific performance.
Stop the other party from breaching the contract further by asking for an injunction.
The law of contract is the branch of private law which determines when a promise or a set of promises is legally enforceable.
The essential elements in a contract are as follows :
There must be an offer.
Acceptance of that offer.
Both parties making the contract must have the capacity to contract.
There must be no mistake, misrepresentation or undue influence.
The object must be lawful.
Both parties must intend to enter into legal relations.
There must also be consideration.
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