CONTRACT LAW. Elements of a Contract
|
|
- Stanley Tucker
- 5 years ago
- Views:
Transcription
1 CONTRACT LAW Contracts: Types and Sources in Australia CONTRACT: An agreement concerning promises made between two or more parties with the intention of creating certain legal rights and obligations upon the parties to that agreement, which shall be enforceable in a court of law Sources of Contract Law Contract law in Australia is derived from: JUDGE-MADE LAW: Developed in the English Common law courts - From precedent decisions of judges LEGISLATION/ ACTS OF PARLIAMENT: Amended/ supplemented the case law - e.g. Competition and Consumer Act 2010 prohibiting misleading or deceptive conduct Types of Contracts FORMAL CONTRACTS: Deeds - Special form of contract, under deed or seal - Used in particular circumstances, where the parties would otherwise have no contractual obligations due to absence of consideration - Gratuitous (free) promise promise made without consideration SIMPLE CONTRACTS: Oral/written contracts - Primary form of contracts with no required formality - UNILATERAL CONTRACTS: A promise, which is accepted by doing something. Only one party under any obligation - BILATERAL CONTRACTS: A promise for a promise, where the exchange of promises creates the contract Contracts do not always have to be in writing A contract in writing is evidence of a legally enforceable agreement. Under the Imperial Acts Application Act 1969 (NSW), 5 classes of contract must be evidenced in writing to be enforceable 1. Promise by an executor/ administrator to pay the liability of a deceased person out of their own money 2. Contract of guarantee where one person promises to pay the debts of another, if the other defaults 3. Marriage 4. Contract for sale/disposition of land or any interest in land 5. Contracts not to be performed within 1 year of being made Elements of a Contract A valid contract must meet these 7 prerequisites: 1. Intention to create legal relations 2. Agreement 3. Consideration 4. Legal capacity 5. Genuine consent 6. Legality of objects 7. Any formal/ procedural requirements must be satisfied
2 Intention to Create Legal Relations INTENTION TO CREATE LEGAL RELATIONS: There must be evidence that the parties intended to make a legally enforceable contract o which they are bound The Offer Rules in relation to offers There must be: 1. An offer is not the same as an invitation to treat and an option 2. Communication of the offer a. Can be communicated to a specific person, or more broadly, to a class or persons/ the whole world b. Communication of the offer can be in writing, orally or by conduct 3. Revocation An offer must be cancelled before the other party accepts 1. Invitation to Treat is not an offer INVITATION TO TREAT: An offer to consider offers. Cannot lead to an legally binding agreement, unless an offer is made by the person considering the offers Price lists, advertisements, auctions, announcements, goods on display in shop windows and shelves REQUESTS FOR INFORMATION: A request for information is not a firm promise and so is not an offer It does not destroy the offer, as it is only an attempt to obtain information 2. Communication of the Offer The offer must be directed to: one person, a group of people or the world at large 3. Revocation An offer may be revoked at any time before acceptance Presumptions for Intentions Rules/ presumptions for intentions: 1. Presumed that parties to a business agreement intend to make a contract 2. Presumed that parties to a family, domestic, social or voluntary agreement do not intend to make a contract 1. Business/ Commercial Agreements These are presumed to intend to make a contract This can be rebutted if the parties enter an agreement that is binding in honour only (i.e. agreement only) 2. Family/ Domestic Agreements These agreements may be morally binding, but not legally binding 3. Social/ Voluntary Agreements Law presumes that voluntary agreements are not intended to create legal relations Presumptions now abolished and the traditional approach no longer apply. Now, the situation depends on the facts of a case
3 Agreement The Acceptance Rules in relation to acceptance are: 1. Acceptance must be made strictly in response to an offer 2. Acceptance must be communicated 3. Acceptance must be unqualified 4. Conditional assent is not acceptance 5. Acceptance must be clear and certain 1. Acceptance must be made strictly in response to an offer A person claiming to accept an offer must know that the offer exists 2. Acceptance must be Communicated Acceptance must be communicated to the offeror either through words (expressed) or conduct (implied) Acceptance by silence is not acceptance unless explicitly agreed to be so Acceptance by conduct may be good acceptance 3. Acceptance must be Unqualified To make sure there is a meeting of minds to create a contract, the acceptance of an offer must be unqualified with nothing further to be negotiated between the parties COUNTER OFFERS: The law states that when a party makes a counter offer, this is a rejection of the original offer 4. Conditional Assent is not Acceptance Conditional assent is not binding unless and until the offeror agrees to the condition The condition has to be fulfilled as a prerequisite to the contract The words subject to contract does not mean that the parties intend to be bound until a written contract has been prepared 5. Acceptance must be Clear and Certain The parties must be definite about the exact terms of their contract, and if the terms are not clear and not certain there is no contract Postal Acceptance Rule When parties use the post as a medium of exchange, the rules as to the timing of acceptance change as follows: An offer by letter is not effective until received by the offeree Acceptance is effective as soon as it is posted If the offer is to be revoked, notice of the cancellation must be received by the offeree, before the letter of acceptance is posted Instantaneous Communications In cases of agreements communicated by means of telephone, fax or , the contract is formed when and where the offeror hears or receives the offeree s acceptance The Electronic Transaction Act 1999 (Cth) provides guidance on times for receipt and dispatch
4 Consideration The Consideration CONSIDERATION: What the promisor gives in exchange for the return promise Consideration turns an agreement into a contract Failure of consideration can make an agreement unenforceable Rules in relation to consideration are: 1. Consideration is essential to the validity of every simple contract Consideration must move from promisee 2. Consideration must not be in the past 3. Consideration must have value but needs not be adequate 4. Consideration must be possible of performance 5. Consideration must be definite 6. Consideration must be legal 7. Consideration must be referable to other party s promise 1. Consideration must move from the Promisee 2. Consideration must not be in the Past Consideration must be: Present: consideration which is an act done now in return for a promise when the Act is completed Future: where parties agree to exchange promises to do something in the future A past act can be considered good consideration if: - It was done at the promisor s request - Parties understood that the act would be remunerated - Promise would have been enforceable if it had been promised in advance of the act 3. Consideration must have Value but needs not be adequate Consideration is something the parties in the contract can decide on Consideration must be sufficient, which means that it must have some legal value 4. Consideration must be Sufficient Insufficient consideration can be analysed under: a) Performance of a public duty imposed by law - Promise to carry out a public duty imposed by the promise is no consideration - Going beyond what is owed by law is good consideration b) Performance of a duty already imposed by contract - A promise to perform a duty already imposed by contract is no consideration - Going over and above what the contract stipulates is good consideration c) Moral obligation/ natural love/ affection - Moral obligation/ love will not convert a promise into good consideration d) Uncertain or indefinite promises - A contract made for consideration which is uncertain or indefinite is unenforceable e) Practical benefit - Practical benefit can be consideration as long a there is no duress of fraud f) Part performance/ payment - Part performance is insufficient consideration, unless otherwise agreed upon to accept a smaller amount (or something different) Promissory Estoppel PROMISSORY ESTOPPEL: Will allow a promise to be enforced even though the promisee has not provided good consideration for that promise Operates if the promisee has relied on the promise and would suffer some detriment if the promisor went back on their word Rules of Promissory Estoppel (derived from Waltons v Maher) 1. Promisee assumes existence of particular legal relationship 2. Promisor responsible for this assumption 3. Promisee acted/ did not act in reliance on that assumption 4. Promisor knew what promisee would do or intended for promisee to act in this way 5. Promisee will suffer loss or some detriment or harm if the assumption/ expectation is not fulfilled
5 Legal Capacity Capacity CAPACITY: The presumption that everyone has full legal capacity A lack of capacity can void a contract There are classes of persons subject to degrees of incapacity to enter enforceable contracts 1. Minors 2. Mentally ill 3. Intoxicated 4. Corporations 1. Minors The only two classes of contracts binding on minors at common law are: Contracts for necessaries Employment, education, apprenticeship and training contracts (if they are for the minor s benefit) Voidable minors contracts are: Contracts which involve acquiring an interest in property of a permanent nature Contracts with continuing obligation 2. Mentally Ill A person with a mental disorder cannot give the consent to make a contract. The mentally ill are bound by their contracts unless: They can show that they did not understand what they were doing at the time of contracting The other person was aware of their impaired mental condition The burden of proving these two matters lies on the mentally ill person 3. Intoxicated Incapacity to contract because of intoxication by alcohol or other drugs is judged by the same test of incapacity as for the mentally ill If the intoxicated person did not understand what they were doing when they entered a contract, the contract is void because there was no consent If the intoxication affects the person s business sense, and the other person was aware of this, the contract is voidable by the intoxicated person 4. Corporations The contractual capacity of a corporation is limited in two ways: 1. Natural impossibility: All signing, s and speaking is done by an agent or representative on behalf of the company 2. Legal impossibility: Corporations Act 2001 (Cth) provides that a company may be bound by contracts entered into by agents acting on behalf of the company with the company s express or implied authority
6 Genuine Consent Genuine Consent CONSENT: A genuine agreement between parties to a contract as to nature and scope Ask What have the parties agreed to? There must be genuine agreement between the parties to a contract as to its nature and scope Vitiating Elements VITIATE: To corrupt, to damage, to reduce value. A vitiating factor operates to render a contract voidable or void retrospectively. Vitiating elements include: 1. Mistake 2. Misrepresentation 3. Illegality 4. Inequality between the parties If a contract is bad because of a vitiating element, it can be: VOIDABLE: The contract will continue on foot unless the injured party elects to rescind (i.e. cancel) or avoid the contract VOID: Void back to the moment of formation, as if it never existed (void ab initio) 1. Mistakes If a mistake operates, it often renders a contract void ab initio (from the very beginning) Places the parties in the same position as if no contract had ever been made a. Common mistake: Both parties make the same mistake as to the existence or identity of the subject matter - Void b. Mutual mistake: Parties are at cross-purposes: both parties have made a mistake but each party has made a different mistake - Void c. Unilateral mistake: Only one of the parties is mistaken, and the other is, or should be, aware of this and does nothing to correct the mistake - Void or voidable 2. Misrepresentation MISREPRESENTATION: When representations made are untrue a. Minor Misrepresentation: non contractual or mere misrepresentation. A minor misrepresentation made by words or conduct - Not part of the contract, and cannot be sued on for breach of contract - No remedy for breach of contract but may be remedies under other heads of law (such as tort/ Australian Consumer Law) b. Major misrepresentation: Actionable misrepresentation that leads/ induces someone to contract, but is not a term of the contract - Voidable c. Fraudulent misrepresentation: A false representation of a material fact. Actionable if: - Knowingly made by D - Without believing in its truth - Recklessly, careless whether it is true/ false - Voidable d. Innocent/ non-fraudulent misrepresentation: A misstatement of a material fact without the intention to mislead and is made in good faith - No remedy in tort (unless negligent) e. Negligent misrepresentation: Statement made innocently but carelessly - Injured may sue for damages 3. Illegal Contracts Contracts can be illegal or void by the state or common law. Contracts will be illegal if they involve illegal conduct Contracts to commit a crime, tort or fraud on a third party Contracts that are immoral Contracts to the prejudice of public safety of good relations Contracts prejudicial to the administration of justice Contracts to defraud the revenue Contracts that involve a breach of duty
7 4. Inequality Between Parties a. Duress: Involves the use of violence or illegal threats against a person, their goods or economic interests to force them to enter into a contract against their will Lack of a voluntary agreement To the person: Actual or threatened violence to one contracting party, or their immediate family/ near relatives To the goods: Threats to seize, damage or destroy the goods of one contracting party Economic Duress: Economic pressure beyond normal acceptable commercial practice b. Undue influence: Involves the improper use of a position of influence or power possessed by one person over another in order to induce that other person to act for their benefit There exists a lack of genuine consent to the agreement c. Unconscionable conduct: Contract will be set aside as unconscionable (unfair) where the defendant has abused their superior bargaining position in their dealings with the plaintiff To prove unconscionable/ unfair conduct, the plaintiff must establish: There were in a position of special disability or special disadvantage - Age, financial needs, illness, ignorance, inexperience, inability to understand the language, inability to read Such disability/disadvantage affected the defendants ability to protect themselves The defendant knew, or ought to have known, of the plaintiffs disability/ disadvantage and taken advantage of it Actions of the defendant were unconscionable Legality of Objects Contracts can be illegal or void by the state or common law. Contracts will be illegal if they involve illegal conduct Contracts to commit a crime, tort or fraud on a third party Contracts that are immoral Contracts to the prejudice of public safety of good relations Contracts prejudicial to the administration of justice Contracts to defraud the revenue Contracts that involve a breach of duty Proper Form PROPER FORM Consider are there any statutory procedural requirements that need to be satisfied? A lack of compliance with the required formalities may make the contract void or unenforceable
CONTRACT LAW IN THE SOUTH PACIFIC
CONTRACT LAW IN THE SOUTH PACIFIC Jennifer Corrin Care Senior Lecturer TC Beirne School of Law University of Queensland Cavendish Publishing Limited London Sydney CONTENTS Preface Table of Cases Table
More informationMISTAKE. (1) the other party to the contract knew or should have known of the mistake; or
MISTAKE Mistake of Fact: The parties entered into a contract with different understandings of one or more material facts relating to the contract s performance. Mutual Mistake: A mistake by both contracting
More informationChapter 9: Contract Formation. Copyright 2009 South-Western Legal Studies in Business, a part of South-Western Cengage Learning.
Chapter 9: Contract Formation a Copyright part of South-Western 2009 South-Western Cengage Legal Learning. Studies Business, Introduction is a declaration that something will or will not happen in the
More informationOVERVIEW OF CONTRACT LAW
OVERVIEW OF CONTRACT LAW Liability is generally the key issue in regards to contractual disputes. Purpose of K law is to provide the rules which determine when one party is liable to another under or in
More informationa) The body of law as made by judges through the determination of cases. d) The system of law that emerged following the Norman Conquest in 1066.
1. Who of the following was NOT a proponent of natural law? a) Aristotle b) Jeremy Bentham c) St Augustine d) St Thomas Aquinas 2. The term 'common law' has three different meanings. Which of the following
More informationGenuineness of Assent
Genuineness of Assent A party who demonstrates that she did not genuinely assent to the terms of a contract may avoid an otherwise valid contract. Genuine assent may be lacking due to mistake, fraudulent
More informationGenuine Agreement (Genuine Assent)
Chapter 7 Genuine Agreement (Genuine Assent) Business Law Ms. Turner Genuine Agreement (Genuine Assent) Agreement to enter into a contract that is evidenced by words or conduct between parties If there
More informationMLL111- Exam Notes Contract Law (All Topics + Cases)
1 MLL111- Exam Notes Contract Law (All Topics + Cases) 2 Contents Page Page 8: Formation of Contracts Offer and Acceptance Page 9: Acceptance Communication of Acceptance: Waiver Silence Page 10: Acceptance
More informationDefine genuine agreement and rescission. Identify when duress occurs. Describe how someone may exercise undue influence.
Define genuine agreement and rescission Identify when duress occurs Describe how someone may exercise undue influence. Genuine Agreement/Assent: meeting of the minds Must be willful and voluntary Must
More informationChinese Contract Law: A Brief Introduction. ZHANG Xuezhong. Assistant Professor of Law.
Chinese Contract Law: A Brief Introduction ZHANG Xuezhong Assistant Professor of Law zhangxuezhong@ecupl.edu.cn East China University of Politics and Law Overview 1. In General 2. Principles of Chinese
More informationContracts Professor Keith A. Rowley William S. Boyd School of Law University of Nevada Las Vegas Spring Contract Formation
Contracts Professor Keith A. Rowley William S. Boyd School of Law University of Nevada Las Vegas Contract Formation I. Foundations A. Mutual Assent: Each party to a contract manifests its assent to the
More informationCalifornia Bar Examination
California Bar Examination Essay Question: Contracts And Selected Answers The Orahte Group is NOT affiliated with The State Bar of California PRACTICE PACKET p.1 Question Betty is a physician. One of her
More informationQuestion If CapCo files a lawsuit against the Bears seeking damages for breach of contract, who is likely to prevail? Discuss.
Question 2 CapCo sells baseball caps to youth leagues and recently approached two new teams, the Bears and the Lions. Uncertain how many caps the team would require, the Bears team manager signed a written
More informationTABLE OF CONTENTS. Preface... iii Preface to the First Edition... v Table of Cases... TC-1 Table of Statutes... TS-1
TABLE OF CONTENTS PAGE Preface... iii Preface to the First Edition... v Table of Cases... TC-1 Table of Statutes... TS-1 PART I. INTRODUCTION... 1-17 CHAPTER 1. INTRODUCTION... 1 PART II. ENFORCEABILITY...
More informationContents. Table of Statutes. Table of Secondary Legislation. Table of Cases. The Agreement to Contract
Contents Table of Statutes Table of Secondary Legislation Table of Cases Chapter 1: The Agreement to Contract 1.1 Introduction 1.2 Elements required for a valid simple contract 1.3 The phenomenon of agreement
More informationStudy Notes & Practice Questions. Updated 2018 Exams
Orea Real Estate Exam Course Study Notes & Practice Questions Updated 2018 Exams All rights reserved. No part of this publication may be reproduced, transmitted or stored in any material form (including
More informationIs there a contract?
1. te whether this transaction is governed by UCC or the Restatement. 2. Does the Statute of Frauds apply? The contract must be in writing if it is in regard to land, if by its nature it takes more than
More informationCHAPTER 8: GENUINE AGREEMENT
CHAPTER 8: GENUINE AGREEMENT GENUINE AGREEMENT AND RESCISSION A valid offer and valid acceptance generally results in an enforceable contract. If one of the parties used physical threats to acquire the
More informationQuestion 1: I read that a mentally impaired adult s contracts may be void or voidable. Which is it?
Question 1: I read that a mentally impaired adult s contracts may be void or voidable. Which is it? Answer 1: It depends. If a court of proper jurisdiction has found an adult to be non compos mentis, or
More informationReality of Consent. Reality of Consent. Reality of Consent. Chapter 13
Reality of Consent Chapter 13 Reality of Consent It is crucial to the economy and commerce that the law be counted on to enforce contracts. However, in some cases there are compelling reasons to permit
More informationNDIS: CLIENT SERVICE AGREEMENTS
The Federal Government s NDIS interstate trials are proving to raise significant issues and challenges for service providers, including the critical need for the client service agreements to specify clearly
More informationLaw of Contracts. Determining Contractual Intent. Offer. 6 Elements of Legally Enforceable Contracts
6 Elements of Legally Enforceable Contracts Law of Contracts 1. Offer and Acceptance 2. Genuine Assent 3. Legal Purpose Business Law Chapters 6-11 4. Consideration (Exchange of value) 5. Capacity to Contract
More informationTITLE 7 CONTRACTS TABLE OF CONTENTS
TITLE 7 CONTRACTS TABLE OF CONTENTS CHAPTER 7.01 General Provisions 7.0101 Definition 1 7.0102 Essential elements of a contract 1 7.0103 Law of place applied to contracts 1 7.0104 Time of performance 1
More informationCONTRACT LAW SUMMARY
CONTRACT LAW SUMMARY LAWSKOOL UK CONTENTS INTRODUCTION TO CONTRACT LAW 6 DEFINITION OF CONTRACT LAW 6 1) The Classical Model of Contract Law 6 INTENTION TO CREATE LEGAL RELATIONS 8 INTRODUCTION TO INTENTION
More informationContract Law Final Exam Version C
Contract Law Final Exam Version C True/False Indicate whether the statement is true or false. 1. Compliance and excuse are valid defenses to a breach of contract action. 2. To have a constructive or implied
More informationContents. Table of Statutes. Table of Secondary Legislation. Table of Cases. The Agreement to Contract
Contents Table of Statutes Table of Secondary Legislation Table of Cases Chapter 1: The Agreement to Contract 1.1 Introduction 1.2 Elements required for a valid simple contract 1.3 The phenomenon of agreement
More informationQUESTION 1. Carl said, Let me think a moment.
QUESTION 1 Zena placed an advertisement in a local newspaper: Wanted: Someone to clean my four-bedroom, four-bath house (2500 square feet) once a week for the next month; pay $35 per hour. No interview
More informationCONTRACT VS. PROMISE
CONTRACT VS. PROMISE Promise: A person s declaration that he will perform or refrain from performing some present or future act. Promisor: The person making the promise. Promisee: The person to whom the
More informationBUSINESS AND CORPORATE LAW NOV 2010
BUSINESS AND CORPORATE LAW NOV 2010 SOLUTION 1 a) Limitation of actions requires that since there must be an end to litigation, certain classes of lawsuits must be brought within a fixed period of time,
More informationREVIEW QUESTIONS TRUE/FALSE QUESTIONS (CIRCLE THE CORRECT ANSWER)
REVIEW QUESTIONS TRUE/FALSE QUESTIONS (CIRCLE THE CORRECT ANSWER) 1. T F When a court or legislature protects a class, this protection extends to all members of that class in every contractual transaction.
More informationClass B.Com. I Sem. (Hons.)
SYLLABUS Class B.Com. I Sem. (Hons.) Subject Business Regulatory Framework UNIT I UNIT II UNIT III UNIT IV UNIT V Contract Act 1872 Definition nature of contract, offer and acceptances capacity of parties
More informationIntroduction to Contract Law
Introduction to Contract Law Introduction to Contract Law Acknowledgments Writer: Editor: Word processing & Graphics: Alicia Hutton, Mandy Welling REIT Professional Development Departments Version Number:
More informationBusiness Law & Ethics notes Lec Lecture topic Topic s covered Text book refs. constitution expansion of power interpreting power
Business Law & Ethics notes Lec Lecture topic Topic s covered Text book refs 1 law, morality and philosophical views of ch 1 meaning of eithics law 2 the source of laws governing constitution expansion
More informationCHAPTER 4 CONCEPT OF CONSENSUS CONSENSUS AS BASIS FOR CONTRACTUAL COMMITMENT INTENTION TO BE CONTRACTUALLY BOUND MAKING INTENTION KNOWN COMMON
CHAPTER 4 CONSENSUS AS BASIS FOR UAL COMMITMENT MAKING INTENTION KNOWN CONCEPT OF CONSENSUS INTENTION TO BE UALLY BOUND COMMON INTENTION CONSENSUS / TRUE AGREEMENT = BASIS FOR EVERY (C) EVERY PARTY MAKES
More informationNegligence 1. Duty of Care 2. Breach of duty of care p 718 c) p 724
Negligence 1. Duty of Care Donoghue v Stevenson [1932] AC 562 - a duty of care could exist in any situation where loss, damage or injury to one party was reasonable foreseeable (foreseeable harm) - the
More informationrequires a + = WHAT IS IN A CONTRACT? by to another to create.
UNIT 3 CONTRACTS NBEA STANDARD II: Analyze the relationships between contract law, law of sales, and consumer law. OBJECTIVE: Develop an understanding of contracts: distinguish between express and implied
More informationPage 1 of 7. Fall 2015 Business Law Fundamentals O'Hara 2015 E
Page 1 of 7 print name as your signature EXAM #2 Business Law Fundamentals LAWS 3930 sections -001-003 Chapters 1-4, 24, 6, 7, 9-18 INSTRUCTIONS: 1. Affix your printed name as your signature in the space
More informationTHE INDIAN CONTRACT ACT, 1872 CHAPTER 1 INTRODUCTION
CHAPTER 1 THE INDIAN CONTRACT ACT, 1872 INTRODUCTION The term contract means, in ordinary sense, any agreement between any two persons. For business persons, making of contracts with others is a very important
More informationSpring 2018 Business Law Fundamentals O'Hara 2018 D
Page 1 of 7 as your signature PRINT your name EXAM #2 Business Law Fundamentals LAWS 3930 sections -001, -002-003 Chapters 1-4, 24, 6, 7, 9-19 INSTRUCTIONS: 1. Affix your printed name as your signature
More informationAN INTRODUCTION TO THE LAW OF CONTRACT
AN INTRODUCTION TO THE LAW OF CONTRACT P. S. ATIYAH Formerly Professor of English Law in the University of Oxford FIFTH EDITION CLARENDON PRESS OXFORD 1995 Contents Table of Cases i. The Development of
More informationCourse Outline Credits Class Hours Laboratory Hours
1 Mercer County Community College Course Outline BUS 107 Course Number Business Law I Course Title 3 3 0 Credits Class Hours Laboratory Hours Online Alternate Delivery Method Texts: Title: Introduction
More informationSome Basic Principles Of Contract Law
Memoranda on legal and business issues and concerns for multiple industry and business communities Some Basic Principles Of Contract Law Lina Lau & Terrence Choo Boon Liang Rajah & Tann 4 Battery Road
More informationCHAPTER 2 CONTRACT LAWS INDIAN CONTRACT ACT, A contract is an agreement made between two or more parties which the law will enforce.
CHAPTER 2 CONTRACT LAWS INDIAN CONTRACT ACT, 1872 Definition of Contract A contract is an agreement made between two or more parties which the law will enforce. Sec 2(h) defines contract as an agreement
More informationMBE WORKSHOP: CONTRACTS PROFESSOR LISA MCELROY DREXEL UNIVERSITY SCHOOL OF LAW
MBE WORKSHOP: CONTRACTS PROFESSOR LISA MCELROY DREXEL UNIVERSITY SCHOOL OF LAW CHAPTER 1: CONTRACTS Editor's Note 1: The below outline is taken from the National Conference of Bar Examiners' website. NOTE:
More informationUNIDROIT PRINCIPLES OF INTERNATIONAL COMMERCIAL CONTRACTS 2004 (I)
UNIDROIT PRINCIPLES OF INTERNATIONAL COMMERCIAL CONTRACTS 2004 (I) PREAMBLE (Purpose of the Principles) These Principles set forth general rules for international commercial contracts. They shall be applied
More informationARCHITECTS REGISTRATION COUNCIL SEMINARS
ARCHITECTS REGISTRATION COUNCIL SEMINARS CONTRACT FORMATION FRED PHIRI ARCH.Bw May 27, 2017 1 Contents Legal Systems Legal Systems Examples Legal System Applications Civil Law Relationships Law of Obligations
More information1 Contract Act : Basic Concepts
Star Rating On the basis of Maximum marks from a chapter On the basis of Questions included every year from a chapter On the basis of Compulsory questions from a chapter Nil Nil Nil 1 Contract Act : Basic
More informationLEVEL 4 - UNIT 1 CONTRACT LAW SUGGESTED ANSWERS JANUARY 2015
Note to Candidates and Tutors: LEVEL 4 - UNIT 1 CONTRACT LAW SUGGESTED ANSWERS JANUARY 2015 The purpose of the suggested answers is to provide students and tutors with guidance as to the key points students
More informationUnit 3 CONTRACT LAW 1
Unit 3 CONTRACT LAW 1 WHAT IS A CONTRACT? A legally binding agreement THAT requires a bargain Offer + Consideration = Acceptance 2 WHAT IS IN A CONTRACT? Offer-- proposal by one party to another to create
More informationCONTRACT LAW. Promisor - Person making the proposal Promisee - Person accepting the proposal Promise - Proposal when accepted becomes a promise
CONTRACT LAW Promisor - Person making the proposal Promisee - Person accepting the proposal Promise - Proposal when accepted becomes a promise Note: Acceptance of proposal or acceptance of promise can
More informationTHE CYPRUS INSTITUTE OF MARKETING DMM COMMERCIAL LAW
THE CYPRUS INSTITUTE OF MARKETING DMM COMMERCIAL LAW INTRODUCTION 18 LECTURES CIM BOOKLET + TEXT BOOK ATTENDANCE CONTACT yangos@cima.ac.cy COURSE ASSESSMENT 1. ASSIGNMENT No1. 7.5 % 2. ASSIGNEMENT No2.
More informationCONTRACTS AND SALES QUESTION 1
CONTRACTS AND SALES QUESTION Peter responded to an advertisement placed by Della, a dentist, seeking a dental hygienist. After an interview, Della offered Peter the job and said she would either: () pay
More informationArticle 6. Binding force of contract A contract validly entered into is binding upon the parties.
Principles of Latin American Contract Law Chapter 1. Preamble Section 1. General provisions Article 1. Scope of Application (1) These principles set forth general rules applicable to domestic and international
More informationRC Steenkamp 24 April 2018
RC Steenkamp 24 April 2018 REFRESHER What are the essential elements of a legally binding contract? Contents of the contract? Express vs implied terms Type of implied terms? Conditions, warranties and
More informationLEARNING UNIT 2: THE LAW OF CONTRACT
LEARNING UNIT 2: THE LAW OF CONTRACT OBJECTIVES: Describe the essentials of a valid contract Explain the difference between a valid, void and voidable contract Explain the contractual capacity of minors
More informationANSON S LAW OF CONTRACT. 29th Edition SIR JACK BEATSON
ANSON S LAW OF CONTRACT 29th Edition SIR JACK BEATSON DCL, LLD, FBA A Justice of the High Court, Queen's Bench Division sometime Rouse Ball Professor of English Law, University of Cambridge ANDREW BURROWS
More informationCONTRACTUAL CAPACITY
CONTRACTUAL CAPACITY Contractual Capacity: The minimum mental capacity the law requires to bind a party who enters into a contract. The law presumes that the following classes of persons lacked contractual
More information1 of 5 8/27/2014 2:11 PM Units: Teacher: LawandJustice, CORE Course: LawandJustice Year: 2012-13 Constitutional Law and Justice process of ethical decision-making and how does this process relate to law?
More informationCONTRACTS. Miscellaneous applications of ACL for Contracts:! 6 PROMISSORY ESTOPPEL! Assumption! Detrimental Reliance!...
CONTRACTS Miscellaneous applications of ACL for Contracts:! 6 PROMISSORY ESTOPPEL! 7 1. Assumption!... 7 2. Detrimental Reliance!... 7 3. Unconscionability!... 8 Remedy of Promissory Estoppel!... 8 PRIVITY!
More informationFoundation Level LAW PRACTICE MANUAL
Part: - 1 The Indian Contract Act, 1872 Chapter 1:- Nature and Kinds of Contracts 5. The general principles of law of contract applied to all kinds of contract irrespective of their nature. (a) True, as
More informationLAW OF CONTRACT (PART II) Shanila H. Gunawardena LL.B. (Hons.) (Colombo) Attorney-at-Law, CTA (CASL)
LAW OF CONTRACT (PART II) Shanila H. Gunawardena LL.B. (Hons.) (Colombo) Attorney-at-Law, CTA (CASL) 06-08-2017 (2) AGREEMENT BETWEEN PARTIES -ACCEPTANCE- Postal Rule on Acceptance (2) AGREEMENT BETWEEN
More informationSession 34. Contract Law 1 Contracts in general
Session 34 Contract Law 1 Contracts in general Concluding a contract A contract is concluded when the parties have expressed their willingness in a mutual agreement (CO, art 1; CCQ, s1378). In order to
More informationBusiness Law PRECISION EXAMS
PRECISION EXAMS Business Law EXAM INFORMATION Items 64 Points 71 Prerequisites NONE Grade Level 10-12 Course Length ONE SEMESTER Career Cluster BUSINESS MANAGEMENT AND ADMINISTRATION DESCRIPTION Students
More informationSHRIMATI INDIRA GANDHI COLLEGE DEPARTMENT OF BANK MANAGEMENT BUSINESS LAW SECTION-A
SHRIMATI INDIRA GANDHI COLLEGE DEPARTMENT OF BANK MANAGEMENT BUSINESS LAW SECTION-A 1. What is law? A citizen may think as asset of rules, a lawyer may think as a vocation and a legislator may look a guide
More informationASSIGNMENT SOLUTIONS GUIDE ( ) E.C.O.-5
N 1 ASSIGNMENT SOLUTIONS GUIDE (2015-2016) E.C.O.-5 Mercantile Law Disclaimer/Special Note: These are just the sample of the Answers/Solutions to some of the Questions given in the Assignments. These Sample
More informationPrinciples of European Contract Law
Article 1:101: Application of the Principles Principles of European Contract Law CHAPTER 1: GENERAL PROVISIONS Section 1: Scope of the Principles (1) These Principles are intended to be applied as general
More informationContract and Tort Law for Engineers
Contract and Tort Law for Engineers Christian S. Tacit Tel: 613-599-5345 Email: ctacit@tacitlaw.com Canadian Systems of Law There are two systems of law that operate in Canada Common Law and Civil Law
More informationMARKING GUIDE. Subject Name: Commercial Law 1. Exam Date: June Number of pages: 7
MARKING GUIDE Subject No: 8395F/8672D Subject Name: Commercial Law 1 Exam Date: June 2005 Number of pages: 7 2 MARKING GUIDE Part A 20 multiple choice questions worth 1 mark each: 1. [ d ] 2. [ b ] 3.
More informationBAREXAMDOCTOR.COM UNLIMITED ESSAYS AND PTS ONLINE! ESSAY APPROACH. Bar Exam Doctor. CONTRACTS ESSAY
ESSAY APPROACH www.barexamdoctor.com CONTRACTS ESSAY I. DOES THE UCC APPLY? a. The UCC governs all Ks for the sale of goods b. The UCC also has special rule governing transactions between merchants c.
More informationTorts & Contracts II
LAWS5006 Torts & Contracts II Problem question scaffold Issue: some sort of error/mistake can the contract be set aside? CONTRACT SOLUTION When you think a mistake is present, first assess whether there
More informationSOLUTION BUSINESS AND CORPORATE LAW NOV 2012
SOLUTION 1 A. The Lower Courts include: B. i. The circuit courts ii. The magistrate courts; and iii. The National House of Chiefs, Regional houses of chiefs and every traditional council in respect of
More informationSTUDY NOTES Mercantile Law
ESSENTIALS MODULE-III STUDY NOTES Mercantile Law E-301 The Institute of Certified Public Accountants of Pakistan Question No 1:- What is contract? Give the meaning and definitions of a contract. Also state
More informationR.K. TALREJA COLLEGE, ULHASNAGAR - 3. MCQS 1. A contract may be a. In writing b. Oral c. Partly oral, partly written d.
R.K. TALREJA COLLEGE, ULHASNAGAR - 3 CLASS: S.Y.B.Com. INTERNAL TEST 20M- QB SUBJECT: BUSINESS LAW SEMESTER III (2015-16) MCQS 1. A contract may be a. In writing b. Oral c. Partly oral, partly written
More informationUndue Influence, Mistake, Misrepresenta3on & Fraud. Chapter 7 Genuine Assent
Undue Influence, Mistake, Misrepresenta3on & Fraud Chapter 7 Genuine Assent Aim: What is undue influence? Identify two key elements of undue influence. Do Now: Take out your notebook and copy down the
More informationIllegality. Illegality. Meaning of Illegality. Irwin/McGraw-Hill 2001 The McGraw-Hill Companies, Inc. All Rights Reserved.
Illegality Chapter 15 (8) Slide 1 Illegality When an agreement involves an act or a promise that violates some legislative or court-made rule, agreement will not be enforceable on ground of illegality
More informationDistrict > Intermediate > Business Education > Business Law ( ) (District) > Juett, David
Granite School District Business Law (52.0441) (District) District > Intermediate > Business Education > Business Law (52.0441) (District) > Juett, David Unit Essential Questions Content Skills Vocabulary
More informationCONTRACTS MID-TERM EXAMINATION December 2006 Santa Barbara/Ventura Colleges of Law Instructor: Craig Smith QUESTION 1
CONTRACTS MID-TERM EXAMINATION December 2006 Santa Barbara/Ventura Colleges of Law Instructor: Craig Smith QUESTION 1 Moe was a collector of exotic cars. One day he saw an ad in the classified section
More informationDate Revised: 8/12 COURSE SYLLABUS. Syllabus for: BUS 2610 LEGAL ENVIRONMENT OF BUSINESS. Former Quarter Course(s):
Date last reviewed: Date Approved: COURSE SYLLABUS Syllabus for: Date Revised: 8/12 Former Quarter Course(s): Catalog Description: This course is a study of the legal and regulatory environment of business.
More information510 Introduction to Commercial Law
Prescription: 510 Introduction to Commercial Law Elective prescription Level 5 Credit 20 Version 2 Aim Prerequisites Students will demonstrate knowledge and skills in law relevant to business. nil Assessment
More information7/23/2010. The. Contract. Sources of contractual obligations
Law for Spatial Designers Introduction to the Law of Contract Module 3 Topic 1 Sources of contractual obligations Obligations imposed by law and equity The Contract Statutory obligations The obligations
More informationFRAUDULENT MISREPRESENTATION
FRAUDULENT MISREPRESENTATION Author: Nasser Hamid Binding: Softcover, 500 pages Publication Price: MYR 200.00 CONTENTS Chapter 1 STATEMENTS, REPRESENTATIONS AND FRAUD Representation Misrepresentation Fraudulent
More informationLEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS - JANUARY 2013
Note to Candidates and Tutors: LEVEL 3 - UNIT 2 CONTRACT LAW SUGGESTED ANSWERS - JANUARY 2013 The purpose of the suggested answers is to provide students and tutors with guidance as to the key points students
More informationFAQ: Elements of Establishing A Contract
Question 1: What is the procedure for analyzing a set of facts to establish the existence of a contract? Answer 1: The procedure involves an examination of the facts to determine whether each element of
More informationContract law LAWS1015
Contract law Contents Contents... 1 1 Introduction... 2 A Introduction... 2 B Freedom of contract?... 2 2 Agreement... 6 A Offer and acceptance... 6 B Consideration... 17 C Estoppel and its effect on consideration...
More informationCanadian Systems of Law Contract and Tort Law for Professionals There are two systems of law that operate in Canada: Common Law and Civil Law.
Canadian Systems of Law Contract and Tort Law for Professionals There are two systems of law that operate in Canada: Common Law and Civil Law. Common Law operates in all Canadian Provinces and territories
More informationCreation of the K a. Statute of Frauds land part performance one year debt 500 b. Offer master of the offer revoke mailbox rule absence of terms
Contracts outline I. Creation of the K a. Statute of Frauds requires that a sufficient writing, signed by the party to be charged be in existence for the following subject-matter (doesn t apply to restitution
More informationIndex. References are to sections.
Index References are to sections. A Abandonment Anticipatory breach or repudiation, ground for, 12.35 Damages, 12.35, 14.3 Distinguished from rescission, 14.3 Material breach, ground for, 12.37 Mutual,
More informationLaw for Non-Lawyers: Introduction to Law
Law for Non-Lawyers: Introduction to Law Contract law - essential legal knowledge A contract is a legally binding agreement with words or in writing between two or more parties (people or companies), or
More informationCONTRACTS COMPLETE EXAM NOTES
CONTRACTS COMPLETE EXAM NOTES 1 2 LATIN TERMINOLOGY:... 11 1A. OFFER... 14 Offer... 14 RULES AS TO OFFER... 15 UNILATERAL CONTRACT... 15 BILATERAL CONTRACT... 15 OFFERS NEED TO BE DISTINGUISHED FROM THE
More informationCONTRACT LAW (2) Il est précisé que le thème «CONTRACT LAW» est abordé à travers 2 fiches, cette fiche étant la seconde. I. VALIDITY OF THE CONTRACT
CONTRACT LAW (2) Il est précisé que le thème «CONTRACT LAW» est abordé à travers 2 fiches, cette fiche étant la seconde. Plan : I. VALIDITY OF THE CONTRACT II. LEGALITY OF THE SUBJECT MATTER III. REALITY
More informationCONTRACT AND AGENCY. Types of a consideration Three types: 1. Past, 2. Present, and 3. Future.
CONTRACT AND AGENCY Contract An agreement enforceable by law is called a contract. Therefore in a contract, there must be 1. An agreement; 2. The agreement must be enforceable by law. There some agreements
More informationBUSINESS LAW Chapter 6 PowerPoint Notes & Assignment Genuine Agreement
BUSINESS LAW Chapter 6 PowerPoint Notes & Assignment Genuine Agreement SECTION 6.1 - FRAUD AND MISREPRESENTATION Genuine Agreement If the offeror makes a valid, and the offeree has made a valid, then a
More informationSecond Look Series AGENCY TABLE OF CONTENTS
AGENCY TABLE OF CONTENTS I. CREATION OF AGENCY....1 A. GENERALLY..l B. ELEMENTS OF A VALID AGENCY RELATIONSHIP...1 1. Capacity 1 2. Consent. 1 3. Formalities... 1 C. METHODS OF CREATING AN AGENCY RELATIONSHIP.
More information10/29/2007 7:36:00 PM
10/29/2007 7:36:00 PM I. Article 2 Sales of Goods II. Contractual Assent/Intent & Objective Test A. Contracts are formed by mutual consent. Both parties must intend to enter the contract and agree on its
More informationCA-CPT MERCANTILE LAWS BY CA. ARVIND SINGHAL
CA-CPT MERCANTILE LAWS BY CA. ARVIND SINGHAL P a g e 1 PART A INDIAN ACT, 1872 1. NATURE OF 2. OFFER AND ACCEPTANCE 3. CONSIDERATION 4. CAPACITY OF THE PARTIES 5. FREE CONSENT 6. LAWFUL CONSIDERATION AND
More informationBUSINESS LAW. Commercial Law : Business Law
BUSINESS LAW Commercial Law : Business Law Indian Contract Act 1872 : Meaning and essentials of a valid contract Formation of contract Performance of contract Termination and discharge of contract Remedies
More informationCONTRACTS Ponoroff 2016
A. Contract Law (Overview) a. Contract The promise or set of promises that the law recognizes by way of enforcement. i. Promise The liability involved in contract law is undertaken intentionally by the
More informationClass B.Com. I Sem. SYLLABUS. Subject Business Law
SYLLABUS Class B.Com. I Sem. UNIT I UNIT II Subject Business Law Indian Contract Act 1872- Definitions, Nature of Contract, Offer & Acceptance, Capacity of Parties to Contract, Free Consent and Consideration,
More informationQUESTION What contract rights and remedies, if any, does Olivia have against Juan? Discuss.
QUESTION 1 Olivia is a florist who specializes in roses. She has a five-year written contract with Juan to sell him as many roses as he needs for his wedding chapel. Over the past three years, Olivia sold
More informationChapter 11 Consideration and Promissory Estoppel 25-1
Chapter 11 Consideration and Promissory Estoppel 25-1 Consideration Consideration: something of legal value given in exchange for a promise Necessary for the existence of a contract Elements: Something
More information