Article 10(1) of the Contract Law provides that "Contracts are all agreements which are drawn up with the free consent of parties capable of contracting, for a legal consideration and a legal purpose, which are not characterized by this Law as invalid." Subject to the provisions of this Law, contracts may be drawn up in writing, or orally, or partly written and partly oral, or may be inferred from the conduct of the parties".
The basic conditions for the creation of a valid contract are the following:
The promise which consists of the proposal and the acceptance as these concepts are interpreted in Article 2(2) of the Contracts Law. For a proposal to become a promise, the acceptance must be absolute and unconditional, or be manifested in the usual and reasonable manner, unless the proposal also specifies the manner of acceptance.
The consideration when at the demand of the debtor, the creditor or any third party performed or is performing or promises to perform an act or refrain, this act or refrain is called consideration for the promise. Consideration in other words is the "exchange", which is a necessary component of a contract. The consideration does not have to be sufficient, it just has to be
of some value or be a waiver of a right provided by the Law. In Cyprus, past consideration is considered good consideration.
An agreement entered into without consideration is void unless it falls within one of the exceptions provided for in Article 25 and Article 145 of the Law.
The intention to create a legal relations is a key element to any legal agreement.
Free consent exists when two or more persons agree about the same thing in the same sense. Consent is considered free when it is not induced by coercion, duress, fraud, misrepresentation or deception. Where a person's consent has been given in consequence of one of the above factors, the contract is voidable at the option of the party whose consent was so given or may survive the
performance of the contract and claim damages or both.
The capacity of the contracting parties to contract: A person capable of contracting is anyone who has legal capacity at the time of drawing up the contract and does not fall into the categories of Minors, people with a brain disorder, people under the influence of drugs or alcohol or people without sufficient understanding of the language used in the contract.
REMEDIES
There are essentially 3 main remedies for breach or non-performance of a contract:
(1) Damages, (2) Specific Execution, (3) Decree.
The contracts and agreements include, among others: the Rental contracts, the Promissory notes, the Powers of attorney and Various document agreements
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