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A contract is a legally binding exchange of promises or agreement between parties that the law will enforce. There are three key elements in the formation of a contract these are, offer and acceptance, consideration and an intention to create legal relations. Carlill v Carbolic Smoke ball Company1 is a prime example on the formation of a contract. A firm offered £100 to anyone who caught the flu after having used their product, when someone came to claim they then said it was merely an invitation to treat, the court of appeal however ruled that to a reasonable man it was a serious offer, and by performing the act they had accepted. Offer and acceptance forms the main basis of a contract, and in order for the contract to be legally binding both elements must be present. An offer is a statement by one party, the offeror, identifying the terms of an...

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