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Under the Ethiopian law of contracts, the validity of any contract necessarily requires the cumulative presence of ?
Gena Aman
Jan 19
Under the Ethiopian law of contracts, the validity of any contract necessarily requires the cumulative presence of ?
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Jan 19
Under the Ethiopian law of contracts, the validity of any contract necessarily requires the cumulative presence of the following elements:
1. Offer and Acceptance: There must be a clear offer made by one party and an unequivocal acceptance of that offer by the other party. Both parties must agree to the terms and conditions of the contract.
2. Intention to Create Legal Relations: The parties must have a genuine intention to enter into a legally binding agreement. If there is evidence to suggest that the parties did not intend to be legally bound, the contract may be considered invalid.
3. Capacity: The parties entering into the contract must have the legal capacity to do so. This means they must be of sound mind, not minors, and not under any legal disability that would prevent them from entering into a contract.
4. Free Consent: The consent of the parties must be freely given without any undue influence, coercion, fraud, misrepresentation, or mistake. If there is evidence of any of these factors, the contract may be voidable.
5. Lawful Object: The object or purpose of the contract must be lawful. Contracts that involve illegal activities or go against public policy are considered void.
6. Consideration: There must be some form of consideration exchanged between the parties. Consideration refers to something of value (money, goods, services, etc.) that each party gives or promises to give to the other.
7. Form: Some contracts may require a specific form to be valid, such as written contracts for certain types of transactions. The form requirement will depend on the nature of the contract and any specific legal provisions.
It is important to note that these elements must be present cumulatively for a contract to be considered valid under Ethiopian law. If any of these elements are missing or not fulfilled, the contract may be deemed invalid or unenforceable.
1. Offer and Acceptance: There must be a clear offer made by one party and an unequivocal acceptance of that offer by the other party. Both parties must agree to the terms and conditions of the contract.
2. Intention to Create Legal Relations: The parties must have a genuine intention to enter into a legally binding agreement. If there is evidence to suggest that the parties did not intend to be legally bound, the contract may be considered invalid.
3. Capacity: The parties entering into the contract must have the legal capacity to do so. This means they must be of sound mind, not minors, and not under any legal disability that would prevent them from entering into a contract.
4. Free Consent: The consent of the parties must be freely given without any undue influence, coercion, fraud, misrepresentation, or mistake. If there is evidence of any of these factors, the contract may be voidable.
5. Lawful Object: The object or purpose of the contract must be lawful. Contracts that involve illegal activities or go against public policy are considered void.
6. Consideration: There must be some form of consideration exchanged between the parties. Consideration refers to something of value (money, goods, services, etc.) that each party gives or promises to give to the other.
7. Form: Some contracts may require a specific form to be valid, such as written contracts for certain types of transactions. The form requirement will depend on the nature of the contract and any specific legal provisions.
It is important to note that these elements must be present cumulatively for a contract to be considered valid under Ethiopian law. If any of these elements are missing or not fulfilled, the contract may be deemed invalid or unenforceable.
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