WHAT IS CONTRACT LAW?
1. Why do you need contract law?
a. To hold parties who make promises to each other be bound by what they promised
the other party
2. Laissez faire: leave alone (let you do)
3. One can have the freedom to contract without the intention of parliament
4. Contract is more than just an offer
5. A contract should have: according to Lord Wilberforce, The Eurymedon
a. Offer
b. Acceptance
c. Intention to create a legal relationship
d. Consideration
6. What is a contract?
a. An agreement based on the promises of 2 parties
7. All contracts are agreement; not all agreements are contract.
HOW ARE CONTRACTS FORMED?
1. To exist
a. One party: offer
b. Other party: accept
2. Upon acceptance, contract will take effect: parties are bound by it
2 CLASSIFICATIONS OF CONTRACT
1. Unilateral
a. Only one party assumes obligation
b. Great northern railway company v Witham (1873)
i. One party has promised to pay the stated amount, but no one has promised
to find you wallet in return.
c. Making a contract with the outer world and not just one party
i. Open to all
d. CARLIL V CARBOLIC SMOKEBALL CO.
i. Mere puff: just advertising, not true.
e. Can withdraw before the acceptance
f.
Mortgage Loan
Immovable properties like land and Higher purchase
houses If not paid in time, the car will be towed
Service the mortgage to get the away
property on time
g. Errington v Errington & wood
i. Once the performance has started you can't terminate the offer
ii. It's possible to revoke but it's not easy
iii. Not a written contract, acceptance via conduct
iv. If you have commenced performance you're not allowed to revoke
h. In case of a unilateral contract the claimant has to prove:
i. Commencement of contract
1. Why do you need contract law?
a. To hold parties who make promises to each other be bound by what they promised
the other party
2. Laissez faire: leave alone (let you do)
3. One can have the freedom to contract without the intention of parliament
4. Contract is more than just an offer
5. A contract should have: according to Lord Wilberforce, The Eurymedon
a. Offer
b. Acceptance
c. Intention to create a legal relationship
d. Consideration
6. What is a contract?
a. An agreement based on the promises of 2 parties
7. All contracts are agreement; not all agreements are contract.
HOW ARE CONTRACTS FORMED?
1. To exist
a. One party: offer
b. Other party: accept
2. Upon acceptance, contract will take effect: parties are bound by it
2 CLASSIFICATIONS OF CONTRACT
1. Unilateral
a. Only one party assumes obligation
b. Great northern railway company v Witham (1873)
i. One party has promised to pay the stated amount, but no one has promised
to find you wallet in return.
c. Making a contract with the outer world and not just one party
i. Open to all
d. CARLIL V CARBOLIC SMOKEBALL CO.
i. Mere puff: just advertising, not true.
e. Can withdraw before the acceptance
f.
Mortgage Loan
Immovable properties like land and Higher purchase
houses If not paid in time, the car will be towed
Service the mortgage to get the away
property on time
g. Errington v Errington & wood
i. Once the performance has started you can't terminate the offer
ii. It's possible to revoke but it's not easy
iii. Not a written contract, acceptance via conduct
iv. If you have commenced performance you're not allowed to revoke
h. In case of a unilateral contract the claimant has to prove:
i. Commencement of contract
