THE INSTITUTE OF FINANCE MANAGEMENT NOTES ON THE LAW OF CONTRACT Prepared by: FUNGO, A.E., LL, B (Hons) Dar, LLM (Essex-UK) INTRODUCTION TO CONTRACT LAW Tanzania law like English law recognises only two kinds of contract:- (a) The contract made by deed i.e. under seal which is called deed or specialty and, (b) The simple contract. Simple contracts Simple contracts depend on the presence of consideration, and as a rule they need be made in no special form. However, sometimes, simple contracts are required to be in writing eg. Contracts for the disposition and transfer of land as well as contracts of guarantee Deed contracts A deed must be in writing or printed on paper or parchment. It is often said to be executed, or made conclusive as between the parties, by being ‘signed, sealed, and delivered’. MEANING OF A CONTRACT A contract is an agreement enforceable by law or an agreement that is legally enforceable. “…a promise or set of promises for the breach of which the law gives a remedy,...
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