It is imperative to extensively discuss and agree on the terms and conditions of the contract. This is necessary because parties are bound by the terms of their contract and the court will construe the contracts in line with
A contract will save you the conflict that can erupt when your simple business relationship goes sour or the “trust” becomes “distrust”.
“The effect of such mistake is that the contract is usually void ab initio, i.e, from the beginning. Therefore, no property will pass under it and no obligations can arise under it”.
” A person who is not a party to a contract although the contract was made for his benefit cannot sue on the contract”
“Where a party was in breach of a term that was said to be fundamental to the contract, an exemption clause, no matter how wide cannot avail him”
“Most social arrangements do not amount to contracts because they are not intended to be legally binding”