Lecture 6: Introduction to Contract Law
What is contract?What types of contract do you know?
Why English Contract Law?1. Basis of most of the international commercial transactions2. English contract law beyond the geographic boundaries of Britain
Contract Law•What is a Contract?•No formal definition of a contract in the English law•A contract is an agreement giving rise to obligations which are enforced or recognized by law. Or•The 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.
Contract Law•Two major principles of contract lawFREEDOM OF CONTRACTSANCTITY OF CONTRACT •On the other hand:Principles of Fairness and Public Policy
Contract Law•Types of Contracts:•Bilateral Contracts•Uniletrial Contracts•Expressed Contracts•Implied Contracts•Simple Contracts•Formal Contracts•Void Contracts•Voidable Contracts
Contract LawFormation of the Contract:4 elements of valid contract•Offer•Acceptance •Intention to create legal relationship•Consideration
Contract Law goes onOffer•A 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 offeree•BUT! Invitation to treat –is not an offer!
Contract Law•Examples of Invitation to treat:a)Goods displayed on shelves in a self-service shop•
- Spring '14