Mastering Keywords in contract law, acceptance, Consideration, condition and warrants.

Acceptance of Contract

According ti section 2(1)(b) of The law of Contract Act [Cjapter 345. Re. 2019] defined accptance as signification of assent to the proposalby the person ro whom it was made.

Acceptance must be absolute and qualified.

We say there is acceptable when offeree assent proposal by responding an offer and exactly match the term of an offer.

acceptance must be communicated to the offeror in order to make it binding.

Consideration of contract.

According to the case of Thomas vs Thomas (1942)2QB. 851, Consideration was defined as something which is of some value in the eyes of the law.

Consideration centers on exchangr ofvalues embedded in goods or services.

Someone  give something with vakue in return gets something with value.

Condition in contract law.

 A condition is a crucial and fundamental term of a contract that must be satisfied for the contract to be valid and enforceable. If a condition is not met, it can give the innocent party the right to terminate the contract and possibly claim damages.

Warranty in contract law.

A warranty, on the other hand, is a less significant term compared to a condition. It is a promise or representation made by one party to the other, but the breach of a warranty typically only entitles the innocent party to claim damages. Unlike a condition, a breach of warranty does not automatically invalidate the contract.

In summary, conditions are vital and have a substantial impact on the contract’s validity, while warranties are secondary and primarily deal with claims for damages rather than contract termination.