What are the other essential elements of a contract?

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The consensus in idem, both parties must agree on the material aspects of the contract. This is illustrated in the case Mathieson Gee (Ayrshire) Ltd v Quigley 1952 an offer was made to supply equipment to remove mould from a pond however the acceptance was on the basis that the company would remove the mould and not on the hire of equipment. The material aspect was not in agreement, therefore, it was held there was no contract. Parties must have Capacity: – The definition of contractual capacity is “The law’s recognition that you are capable of assuming legally binding obligations” Capacity is considered under the following areas: Age – under The Age of Legal Capacity (Scotland) Act 1991 states that children below the age of 16 cannot enter into legally binding contracts although there are some exceptions. The law also provides extra protection for those ages 16-18. If in doubt transact with their guardian! Intoxication – either under the influence of alcohol, drugs or medication however the extent...
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