This assignment delves into the core principles of contract law, examining the essential components of a binding contract, including offer, acceptance, consideration, capacity, and legal intention. It differentiates between oral and written contracts, discussing their validity and advantages. The assignment explores formal contracts, outlining their specific requirements and providing examples like work contracts and loan agreements. A case study analyzes legal intention within a contract scenario, applying relevant legal precedents like Balfour v. Balfour and Simpkins v. Pays to determine the enforceability of an agreement. Furthermore, the assignment clarifies the relationships between principals and agents, and principals and independent contractors, highlighting the responsibilities and liabilities associated with each. The document provides a comprehensive overview of key contract law concepts, supported by legal authorities.
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