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contract management (Law of contract (Basic Principles (Terminating an…
contract management
Law of contract
Definition
set of promises
give or do for return
exchange for a valuable benefit
a form of agreement
between 2 or more parties
specific terms
legally binding
enforcable by law
Formation
4 elements must be present
acceptance
consideration
Offer
intention to create legal relations
if any elements is missing
cannot be a contract
Requires at least 2 parties
common intentions
considerations must exisit
Agreement can be in
verbal or actions
difficult to prove
lack evidence
written
valuable benefits
creating legal relations
promisor
promisee
Purpose
establish commercial responsibilities and obligations
allocate risks in advance
facilitate planning projects
provide remedies
incase of mishap
Basic Principles
acceptance
assent to the term
indicated by offeror
rules of acceptance
must be unconditional :
accordance with terms
for it to be effective
communicate to the offeree
exceptions
silence is constructed as acceptance
accceptance by post
waiver of communication
practices
accept is completed
received not sent
require acknowledgement
acceptances not valid till
physically receives
Terminating an offer
lapse of time
after specified time
acceptance to offer not effective
failure of condition
made subject to a condition
condition not met
automatically terminated
rejection
communicating by words or conduct
counter offer
death
either by offeror or offeree
terminated
withdrawal
ends offer prior to acceptance
communicated to and reach offeree
has to unsure
acceptance does not reach offeror
Offer
made by offeror
entering into legally binding contract
by words or conduct
writing contracts serves 2 purpose
specifies terms and intentions
entering contract deliberately
not under improper pressure
not on impulse
Terms of contract
express terms
expressly agree
gives logical certainty to agreement
implied terms
read into contracts
even though parties have not
privily of contract
only parties involved is bounded
entitled to enforce the contract
consideration
definition
price for promise is brought
valuable benefits
an act of forbearance
value is enforeable
consist either
rights
interest
profits
benefits
accruing to one party
Vitiating factors
'
duress
constraint of threat or injury
misrepresentation
fraudulent
without belief
recklessly
knowingly
negligent
no reasonable basis to believe
innocent
has reasonable grounds to believe
illegality
mistake
mutual mistake
misunderstands each other
unilateral mistake
one party is mistaken
one party is mistaken
first part mistakes
common mistake
when both parties makes mistake
non est factum
signs fundamentally different character form
incapcity
minors
unsound mind
intoxicated person
Discharge
By agreement
agree between themselves
new contract replace old
By breach
one party fails to fulfill terms
Performance
both parties performed their obligations
By frustration
when a supervening events occurs
Remedies
specified performace
an order by court
defaulting party
performs contractual obligations
injunction
court order
to prevent or restrain one party
to prevent or restrain one partyh
Award damages
unliquidated damages
amount determined by court
Liquidated damages
pre estimated damages
nominal damages
sum awarded to injured party
technical breach no loss
general and special damage
law will follow wrong done
specially pleaded and proven
4 aspects of damages
remoteness
foreseeable damages in defult
mitigation
plaintfill cannot recover loss
could have avoided
causation
must caused by breach
assessment
placed in same financial position
Avenues for Claims
Arbitration
disputing parties appoint acceptable arbitrators
sides convinces arbitrators
decisions is binding
confidentiality
fast and expendient
Tribunal
specialized method resolving particular dispute
no lawyers
quick inexpenise
small claims
Mediation
voluntary process
appoint thrid party(mediator)
private process
maintaince confidentially
fast and expendient
Law of tort
Definition
civil wrong committed
legal entites
organisation
individual party
Interest protected by tort
nuisance tort
interest in property
nuisance, trespass and negligence
deframation tort
reputation and privacy
deframation and breach of confidence
intentional tort
personal security
assault
economic tort
economic interest
interference with trade
tort of negligence
Covers two acts
negligent acts
omissions acts
negligence must be proved by
duty of care
imposed upon a person
take reasonable care of actions
breach of duty
unreasonable and imprudent actions
resulting damage