Contract Law in Sri Lanka
Introduction To Contract Law:
A contract is 'a promise or set of promises which the law will enforce' (Pollock Principles of Contract (13th Edn) 1).
The expression 'contract' may, however, be used to describe any or all of the following:
1. that series of promises or acts themselves constituting the contract;
2. the document or documents constituting or evidencing that series of promises or acts, or their performance;
3. the legal relations resulting from that series.
A contract may be defined as a legally binding agreement or, in the words of Sir Frederick Pollock:
"A promise or set of promises which the law will enforce".
The agreement will create rights and obligations that may be enforced in the courts. The normal method of enforcement is an action for damages for breach of contract, though in some cases the court may order performance by the party in default.
A valid contract requires:
1. an agreement;
2. an intention to create legal relations; and
3. consideration (unless the Contract is made by deed). Whilst each of these three requirements receives separate treatment, they must in reality be looked at together.
Contract is an official agreement. It could be written or even be in oral. Contracts can be written by using formal or informal terms, or entirely verbal or spoken. It is a promise made between two or more parties that which allow the courts to make judgment. A contract has six important elements so that it will be valid which is offer, acceptance, consideration, intention to create legal relation, certainty and capacity. If the main elements are not in contract, it would be an invalid contract.
1.1.1 Offer
The first element in a valid contract would be offer. An offer or a promise or an agreement needs to be in contract because if there is no offer than there will be no contract. In the Contracts Act, 1950, the first elements in a contract would be offer. It is one of the elements to make sure that the contract is
A contract is 'a promise or set of promises which the law will enforce' (Pollock Principles of Contract (13th Edn) 1).
The expression 'contract' may, however, be used to describe any or all of the following:
1. that series of promises or acts themselves constituting the contract;
2. the document or documents constituting or evidencing that series of promises or acts, or their performance;
3. the legal relations resulting from that series.
A contract may be defined as a legally binding agreement or, in the words of Sir Frederick Pollock:
"A promise or set of promises which the law will enforce".
The agreement will create rights and obligations that may be enforced in the courts. The normal method of enforcement is an action for damages for breach of contract, though in some cases the court may order performance by the party in default.
A valid contract requires:
1. an agreement;
2. an intention to create legal relations; and
3. consideration (unless the Contract is made by deed). Whilst each of these three requirements receives separate treatment, they must in reality be looked at together.
Contract is an official agreement. It could be written or even be in oral. Contracts can be written by using formal or informal terms, or entirely verbal or spoken. It is a promise made between two or more parties that which allow the courts to make judgment. A contract has six important elements so that it will be valid which is offer, acceptance, consideration, intention to create legal relation, certainty and capacity. If the main elements are not in contract, it would be an invalid contract.
1.1.1 Offer
The first element in a valid contract would be offer. An offer or a promise or an agreement needs to be in contract because if there is no offer than there will be no contract. In the Contracts Act, 1950, the first elements in a contract would be offer. It is one of the elements to make sure that the contract is