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Law of Contract ( an agreement enforceable at law) (Essential elements…
Law of Contract ( an agreement enforceable at law)
define p.30
types: degrees of formality creation and bases of enforceability
simple contract: those contracts (statute of frauds) such as land, gaurantee, marrige, executer... must be written p.31-35 it is not invalid just unenforceable
doctrine of past performance: courts of equity order specific performance by defendant even the contract was not written not automatic conditions must be met p.36-38 Anz Banking Group Ltd v Widin
to be enforceable
sealed
delivered ( not necessarily physical delivery)
signed
deed or contract under seal (greater formality or certainty of obligation is required) sealed by witness or witnesses ( now signature is suffice) if deed is made by more than one person is ''deed indented'' or '' an indenture'' if by only one person ''deed poll''
no formality but to be binding
consideration: price paid by the promisee for the promisor's promise unless its '' gratuitous promises'' not legally binding.
bilateral : between 2parties
Unilateral: contracts must be at least 2 parties. this name is misleading but it is for those contrac that promisor is obligated to do somthing IF an act was happend by another party. therfore it is still between two parties Errington v Errington (1952)
Essential elements (charcteristics of contract to be considered by court is
intention to be bound
mutuality: agreement must bee mutual
consideration: not required in contract under seal
capacity: both parties capable of reaching a binding agreement not intoxicated
acceptance
legality: for legal purpose ( subject matter)
Offer: offer and acceptance form agreement which is not necessarily contract to be legally enforceable contract consideratio must be in place