Form of a contract

In this lesson

1. 0:00 Formation of contracts overview
2. 0:36 Simple contracts and everyday agreements
3. 2:06 Special contract forms and requirements
4. 3:31 Four essential elements of contracts
5. 5:01 Capacity to enter contracts
6. 6:09 Void, voidable, and unenforceable contracts

About this lesson

You'll explore the form contracts can take—from simple verbal agreements to formal deeds—and discover which contracts must be in writing, including property conveyancing, consumer credit agreements, and guarantees. Understanding when and how contracts are formed is crucial for the Corporate and Business Law paper. The lesson breaks down the four key requirements for a valid contract: offer, acceptance, consideration, and intention to create legal relations. You'll see how each element works in practice through relatable examples, from employment contracts formed verbally to why a promise between spouses might not be legally enforceable. The video also covers capacity—the requirement that both parties must be mentally and legally able to enter a contract—and explains real-world scenarios where this protection matters. You'll also learn the critical distinction between void contracts, which have no legal effect from the start, and voidable contracts, which can be cancelled by the injured party. The lesson concludes by introducing unenforceable contracts—agreements that meet all requirements but cannot practically be enforced. This foundational knowledge underpins your understanding of contract law and is essential for exam success.

Duration: 8m