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Contract Law - Exam Study Notes

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What is a contract? A contract is a legally binding document between two or more parties that creates legal relations which the law will enforce. For the contract to be valid there must be some consideration involved. Three essential elements of a contract 1. Intention to create legal relations 2. An agreement (offer and acceptance) 3. Consideration What is an offer? A proposal by one party to enter into a legally binding contract with another. The contract can be made orally, writing or by conduct. It can be made to a particular person, class of persons or the whole world. The offer must not be ambiguous and be communicated to the person accepting the offer. It can specify conditions to be followed by the person accepting the offer. It can be revoked

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Document Information:
10 Pages Partial Study Notes 1-2 Years old
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Contract Law - Exam Study Notes
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Topics this document covers:
Contract law Law Private law Contract Implied warranty Standard form contract Unconscionability Warranty Specific performance Competition and Consumer Act Guarantee Misrepresentation
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Contract law Law Private law Contract Implied warranty Standard form contract Unconscionability Warranty Specific performance Competition and Consumer Act Guarantee Misrepresentation
Sample Text:
For the contract to be valid there must be some consideration involved. Three essential elements of a contract 1. Intention to create legal relations 2. An agreement (offer and acceptance) 3. Consideration What is an offer A proposal by one party to enter into a legally binding contract with another. The contract can be made orally, writing or by conduct. It can be made to a particular person, class of persons or the whole world. The offer must not be ambiguous and be communicated to the person accepting the offer. It can specify conditions to be followed by the person accepting the offer. It can be revoked at any time prior to accepting. The offer will elapse after a reasonable time. Invitation to treat An invitation to treat is not an offer because it is too ambiguous. What might seem as an offer is only a mere willingness to trade ...
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