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CONTRACT TEXTBOOK - Coggle Diagram
CONTRACT TEXTBOOK
CH1: INTRODUCITON TO CONTRACT LAW
(W1 reading)
The definition of contract
The word contract lacks an adequate and succinct definition.
2 types of succinct definition
Regardless, both definitions talk about
enforcement
of some promise or agreed upon obligation
two key elements of contract relate to the fact of agreement and the requirement of consideration
there must be an agreement between the parties
consideration: notion of promise
If the contractual agreement fails to take place, the plaintiff can seek two legally enforceable remedies
Damages (compensation for losses)
Forcing plaintiff to carry out promise.
Order for specific performance: court requires plaintiff to perform some positive act
Order for an injunction: court requires plaintiff to refrain from doing some act
Alternative principles for seeking remedy based on a defendant not fulfilling promise, NOT based on a breach of contract
Fail to do promise may give rise to claims for relief based on…
principles of equitable estoppel
misleading or deceptive conduct
the tort of negligence
The significance of contract law
one of the pillars pf australian law
Sources of contract law principles
Common Law
Primary basis for general principles
Equity
Legislation (statute)
classification of contracts
Simple/ formal contracts
Simple:
Bilateral and Unilateral contracts
Distinction as to which of the parties there is an obligation to perform upon the contract’s existence
Bilateral: both parties to the contract have obligations to perform
Constituted by an exchange of promises between the parties
At the time of the contracts formation, neither party has carried out their promise
At this stage, their promises are
executory
Majority of contracts
Unilateral: Only one party has obligations to perform
Constituted by an exchange of a promise for an act
Void, Voidable, Unenforceable, illegal
Void: invalid contract
voidable: validity called into question
Unenforceable: In all reapects valid, but cannot be enforced by one or either parties
Illegal: Prohibited by statute or public policy at common law
CH4: OFFER AND ACCEPTANCE (W2 Reading)