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Flowchart for contracts law
Primary resources (sources of actual law): Cases, Legislation Secondar...
Course
Contracts (LAWS104)
288 Documents
Students shared 288 documents in this course
University
Macquarie University
Academic year: 2012/2013
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Preview text
A CONTRACT IS AN AGREEMENT BETWEEN TWO OR MORE PARTIES IN
WHICH LEGAL OBLIGATIONS ARE CREATED WHICH ARE ENFORCEABLE
BY LAW
EQUITY
REMEDIES
COMMERCIAL LAW
Form or
Valuable
Consideration
(See classes of
contract below)
(Alternative:
Promissory
Estoppel )
Intention to
create legal
relations
Offer and
Acceptance
Genuine
Consent
- Mistake
- Misrepresentation
- Duress
- Undue influence
- Unconscionability
Legal Purpose
At Common Law
By Statute
Valid Contract
Contractual
Capacity
- Minor
- Mentally disabled
- Intoxicated person
- Prisoner
- Bankrupt
- Corporation
=
Formal Contracts CLASSES OF CONTRACT
Require a special form or method of creation to be enforceable
Simple Contracts
Require consideration
- Deed or under seal, written, signed, attested, delivered
- Contracts of record
Example Power of Attorney
TERMS OF CONTRACTS
- Implied
- Oral
- Written
Sometimes formalities required. Evidenced in writing. Parties. Subject matter and Consideration must be expressed. Signature may be required
Example Sale of Land , Long term lease
EXPRESS TERMS
- Representations
- Conditions & Warranties
- Uncertain Terms
- Meaningless Terms
- Exclusion Terms (Disclaimer Notices)
IMPLIED TERMS
- Conduct of the Parties
- Custom or Trade Usage
- Statute
- The Courts
CONCLUDING OR DISCHARGING CONTRACTS CHARACTERISING CONTRACTS
Actual Performance
Attempted performance
Agreement between parties
Term in the contract
Operation of the law
Frustration
Lapse of time
Breach of the contract
Valid
Void
Voidable
Unenforceable
Illegal
Executed
Executory 8 Unilateral
Bilateral
REMEDIES FOR BREACH OF CONTRACT
- Damages
- Termination
- Specific Performance
- Injunction
- Action under Statute
BREACH OF THE CONTRACT 6. Restitution
- Total Breach
- Partial Breach
- Repudiation
Parties to the Contract
Assignment Doctrine of Privity
Traditional approach: There are many different theories: See Lecture 1
Certainty
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Flowchart for contracts law
Course: Contracts (LAWS104)
288 Documents
Students shared 288 documents in this course
University: Macquarie University
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A CONTRACT IS AN AGREEMENT BETWEEN TWO OR MORE PARTIES IN
WHICH LEGAL OBLIGATIONS ARE CREATED WHICH ARE ENFORCEABLE
BY LAW
EQUITY
REMEDIES
COMMERCIAL LAW
Form or
Valuable
Consideration
(See classes of
contract below)
(Alternative:
Promissory
Estoppel)
Intention to
create legal
relations
Offer and
Acceptance
Genuine
Consent
1. Mistake
2. Misrepresentation
3. Duress
4. Undue influence
5. Unconscionability
Legal Purpose
At Common Law
By Statute
Valid Contract
Contractual
Capacity
1. Minor
2. Mentally
disabled
3. Intoxicated
person
4. Prisoner
5. Bankrupt
6. Corporation
=
CLASSES OF CONTRACT
Formal Contracts
Require a special form or method
of creation to be enforceable
Simple Contracts
Require consideration
1. Deed or under
seal, written, signed,
attested, delivered
2. Contracts of
record
Example
Power of Attorney
TERMS OF CONTRACTS
1. Implied
2. Oral
3. Written
Sometimes
formalities required.
Evidenced in writing.
Parties. Subject
matter and
Consideration must
be expressed.
Signature may be
required
Example
Sale of Land ,
Long term lease
EXPRESS TERMS
1. Representations
2. Conditions & Warranties
3. Uncertain Terms
4. Meaningless Terms
5. Exclusion Terms
(Disclaimer Notices)
IMPLIED TERMS
1. Conduct of the Parties
2. Custom or Trade Usage
3. Statute
4. The Courts
CONCLUDING OR DISCHARGING CONTRACTS
CHARACTERISING CONTRACTS
1. Actual Performance
2. Attempted performance
3. Agreement between parties
4. Term in the contract
5. Operation of the law
6. Frustration
7. Lapse of time
8. Breach of the contract
1. Valid
2. Void
3. Voidable
4. Unenforceable
5. Illegal
6. Executed
7. Executory
8 Unilateral
9. Bilateral
REMEDIES FOR BREACH OF CONTRACT
1. Damages
2. Termination
3. Specific Performance
4. Injunction
5. Action under Statute
6. Restitution
BREACH OF THE CONTRACT
1. Total Breach
2. Partial Breach
3. Repudiation
Parties to the Contract
Assignment
Doctrine of Privity
Traditional approach: There are many different
theories: See Lecture 1
Certainty
Students also viewed
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- Yango Pastoral Co Pty Ltd v First Chicago Australia Ltd
- Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd
- Hongkong Fir Shipping Co Ltd v Kawasaki Kisen Kaisha Ltd
- Coullls v Bagot's Executor and Trustee Co Ltd
- Cordon Investments Pty Ltd v Lesdor Properties Pty Ltd
- Codelfa Construction Pty Ltd v State Rail Authority of New South Wales