Study unit 2 Flashcards
The notion of contracts
an agreement entered into between two or more persons to create obligations with animus contrahendi, which is recognized by law as being binding on the parties.
AGREEMENT:
meeting of the minds on a cause of action.
OBLIGATION:
the legal bond between a creditor and a debtor which creates rights and corresponding obligations in terms of the performance.
ANIMUS CONTRAHENDI
the serious intention to create legally binding obligations.
RECOGNIZED BY LAW AS BEING BINDING:
the agreement must comply with the requirements of the validity of a contract.
LEGALLY BINDING AGREEMENTS WHICH ARE NOT CONTRACTS:
- Absolving agreements
- Real or transfer agreements
- Agreements elevated to a separate category
ABSOLVING AGREEMENTS:
agreements whereby obligations are discharged.
REAL OR TRANSFER AGREEMENTS:
agreements whereby contractual rights are transferred.
AGREEMENTS ELEVATED TO A SEPARATE CATEGORY:
they create obligations but are merely not contracts.
e.g marriage
UNILATERAL CONTRACTS
creates only one obligation and only one duty is imposed on one of the contracting parties.
BILATERAL CONTRACTS:
creates two obligations and duties are imposed on both contracting parties.
CONTRACT RELATED TO OTHER BRANCHES OF LAW:
- In terms of a DELICT:
-the obligation is imposed by the law and is based on a wrongful and blameworthy act causing harm on another. - In terms of an UNJUSTIFIED ENRICHMENT:
-the obligation is imposed by the law and is based on an unfair enrichment of one party at the expense of another. - THE LAW OF PROPERTY:
-to transfer property animus and traditio is required, the animus requirement must be satisfied.
REQUIREMENTS TO A VALID CONTRACT
- CONSENSUS
- CAPACITY
- FORMALITIES
- LEGALITY
- POSSIBILITY AND CERTAINITY
