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21 Pages • Complete Study Notes • Year: Pre-2021
Week 3: Contract Law Def: An agreement concerning promises made between two or more par2es with the inten2on of crea2ng certain legal rights and obliga2ons upon the par2es that agreement which shall be enforceable in a court of law “A legally enforceable agreement that is legally binding” • An agreement is NOT necessarily legally binding • What makes an agreement a contract is that it becomes legally enforceable • The most important legisla2on affec2ng contract is the Australian Consumer Law (ACL) s18 which prohibits misleading or decep2ve conduct Sources of Contract Law in Australia • Judge-made law • Legisla2on/Acts Types of contracts • Formal contract deeds o Used in par2cular circumstances where the par2es would otherwise have no contractual obliga2ons due to absence of considera2on o Contracts under deed or seal • Simple contracts: oral or wriNen • Simple contracts: bilateral or unilateral o Unilateral- only one party under any obliga2on o Bilateral- both par2es have obliga2ons
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