Lecture 6. Contract Law.pdf - Lecture 6 Introduction to Contract Law What is contract What types of contract do you know Why English Contract Law 1

Lecture 6. Contract Law.pdf - Lecture 6 Introduction to...

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Lecture 6: Introduction to Contract Law
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What is contract?What types of contract do you know?
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Why English Contract Law?1. Basis of most of the international commercial transactions2. English contract law beyond the geographic boundaries of Britain
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Contract LawWhat is a Contract?No formal definition of a contract in the English lawA contract is an agreement giving rise to obligations which are enforced or recognized by law. OrThe branch of the law which determines the circumstances in which a promise shall be legally binding on the person making it. Contracts may be written or unwritten.
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Contract LawTwo major principles of contract lawFREEDOM OF CONTRACTSANCTITY OF CONTRACT On the other hand:Principles of Fairness and Public Policy
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Contract LawTypes of Contracts:Bilateral ContractsUniletrial ContractsExpressed ContractsImplied ContractsSimple ContractsFormal ContractsVoid ContractsVoidable Contracts
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Contract LawFormation of the Contract:4 elements of valid contractOfferAcceptance Intention to create legal relationshipConsideration
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Contract Law goes onOfferA clear proposal to contract which, if accepted, completes the contract and binds both the person that made the offerand the person accepting the offerto the terms of the contract.Types of Offer bilateral and unilateral Offeror and offereeBUT! Invitation to treat is not an offer!
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Contract LawExamples of Invitation to treat:a)Goods displayed on shelves in a self-service shop
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