Contract Law Essay Research Paper PART IIntroductionEnglands

Communication of acceptance

The general rule

An acceptance must be communicated to the offeror. Until and unless the acceptance is so communicated, no contract comes into existence.

Some exceptions to the general rule are:

1. Where the offeror expressly of impliedly waives the requirement that acceptance be communicated.

2. Where the offeror is estopped from denying that the acceptance was communicated.

3. Where the acceptance is communicated to the offeror?s agent and that agent has authority to receive that acceptance on behalf of his principal.

4. Where the postal rule applies, in which case the acceptance can be effective before it is in fact received by the offeror.

The ability to make a contract.

The contract is valid when the person who signs the contract understands and realises what is in the contract using his common sense.

Consent

One main point for the contract to be valid is the consent . Briefly consent is when contract is made should not be done under the following circumstances:

· Coercion

· Undue influence

· Frand

· Misrepresentation

· Mistake

In case any of the above mentioned are in active the contract is being voided.

Consideration

Definitions

?A valuable consideration in the sense of the law may consist either in some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given suffered or undertaken by the other?. (Defined by Lush J in Curie v Misa (1875) LR 10 Ex 153 at p162). In other words consideration is characterised as the ?trading item? which is given for the purchase of the promise of the other party. The consideration must be specific and not uncertain. That means that the consideration must be legal for the contract to be valid.

Four principles

1. Consideration must move from the promisee;

2. Consideration need to move to promisor;

3. Past consideration is not good consideration;

4. Consideration must be sufficient but need not be adequate;

Promissory estoppel

Estoppel is a concept known both to law and to equity. Promissory estoppel is a type of equitable estoppel, but the two terms are not interchangeable, because the latter also embraces proprietary estoppel, a more certain and long ? established concept. Promissory estoppel is not concerned with facts but with promises and intentions.

PARTII.

The comparison of the English contract law with the equivalent in Cyprus.

As I mentioned in my introduction Cyprus is following the English system so laws are the same except of few differences. Briefly I will outline and some of the main differences; but before I will give you a brief summary on Cypriot law of contract.

The contract law started in that Cyprus in 1931. Before we used the mejelle law. The contract law (CAP.149) is almost a copy of the Indian Contract Act IX/1872. The article 2 of the contract law is saying as a general rule that Cyprus must follow the system that is held in England.

Some of the differences that we have with the English contract law are that in England decisions are taken with the common law and the equity. In Cyprus equities are existing but they are coded. Also the decisions in Cyprus are based upon decisions taken from the court. Another difference is that in Cyprus a person under the age of 18 is not allowed to make a contract. The difference is that in England the same person (under 18) can make a contract but if the contract is supporting him (the teen).

CONCLUSION

To conclude with I would like to say that constituting a contract is not a simple job. It requires knowledge and understanding. To make a contract you have to understand the objectives of it clearly before doing it. But people who understand the objectives of a contract are most likely to make a beneficial contract.

Obviously reading this assignment can not make you an expert of the English law but at least to give you some basic points.