FLSB-Topic 3-Contract law (24 Sep 2015)

FLSB-Topic 3-Contract law (24 Sep 2015) - Functions of Law...

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Functions of Law in Society and Business- Topic 3 The Law of Contract
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What is contract? Legally binding agreement Enforceable by law Offeror Offeree Damage -> Momentary Compensation Injunction 強強強 Specific Performance Delivery up orders
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Types of contract 1. Specialty contract / deed / contract under seal signed, sealed and delivered (immediately legal effect) enforceable even if there’s a lack of consideration (you can make use of a deed to transfer a gift) must use a deed for long leases with more than 3 years or for the purpose of the transfer of land/flats Deed Vs Reliance on doctrine of resulting trust and constructive trust when the name is not included in the deed - When you have contribution towards your purchase, you get back what you pay. - Better include your name upon purchase, don’t gamble. (Resulting trust: contribution towards the purchase price) (Constructive trust: non-purchase price contributions like household expenses, decoration and interior design fees) - Trust are presumption only, can be challenged. 2. Simple contract (wider use) -> S&P
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Simple contract Written E.g. Employment Contract By word of mouth E.g. Buy a computer from shop By conduct E.g. Ride in a bus, once use the service -> automatically accept the contract Note that contract is usually made orally or by conduct, sometimes it’s difficult to prove because of the availability of evidence Oral Contract Written Contract Contract by Conduct
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Question Can you think of other examples?
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Valid contract Formation Offer Acceptance Consideration – Mutual Benefit Intention to create legal relation Genuine consent Legality Serious Legal Transaction, must be LEGAL Capacity to contract NOT - Under influence - Duress 強強 - Coercion 強強
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Offer A define and clear promise to be bound on specific terms Remuneration : Salary, Pension Benefit, Bonus, MPF, allowance, Gratuity 酬酬 Job duties Leave entitlement: Annual leave, sick leave, maternity leave (10wk), paternity leave (3days) Elements in formation: Offer
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Offer The offer must be communicated to the offeree An offer may be made expressly by words spoken or in writing or implied by conduct It must be made with the intention that it be accepted The offer may be withdrawn at any time prior to acceptances provided that withdrawal is communicated to the offeree
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Offer The offer ceases to be effective: --when time expires -- when offer properly withdrawn --if no time is stated, after a reasonable time --when a counter-offer 強強 is made --upon the death of offeree or death of offeror before acceptance
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Invitation to treat 強強強強 --Invitation to treat --if goods are displayed on the shelves of a department store, the store is not offering to sell the goods, it’s merely inviting its customers to make an offer to buy them.
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In Pharmaceutical Society of Great Britain v Boots Cash Chemists
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