01_Introduction - Contracts 01 Introduction PART I...

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Contracts 01 – Introduction P ART I I NTRODUCTION TO C ONTRACT L AW I O VERVIEW OF C ONTRACT L AW A Formation Contract formation requires: 1 Agreement One party must accept an offer made by the other party 2 Consideration Each party must provide consideration to the other party 3 Intention Each party must have the intention to create binding legal obligations 4 Certainty The rights and obligations of each party must be complete and certain B Parties to the Contract The doctrine of privity of contract operates to exclude persons who are not parties to the contract from being able to enforce (or being forced to perform) obligations within it. To prevent unfair or absurd results, a number of principles have arisen with the effect of conferring certain rights to third parties in certain situations (eg, estoppel, agency). D Construction There are two types of contractual terms: 1 Actual Terms intended by the parties Usually expressly stated Rules of incorporation act to include additional terms either by notice or by the parties’ previous dealings 2 Implied To prevent having to expressly include generic and commonly used terms in
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This note was uploaded on 08/17/2010 for the course BUSLAW 730-202 taught by Professor N/a during the Three '07 term at Melbourne Business School.

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01_Introduction - Contracts 01 Introduction PART I...

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