Class_3-_AFM_231posted

Class_3-_AFM_231posted - Class 3- AFM 231 Contract Law...

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Class 3- AFM 231 Contract Law
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Discussion Points Brief Review Understanding Written Structure of a Contract Standard Form Contracts Considerations Negotiated Contracts Contract Terms Parol Evidence/Entire Agreement Clauses Ambiguity Managing Risk Reviewing a Legal Scenario Challenging a Contract
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Contract Law- Assumptions If it looks like a contract then it most likely is. Courts always will try to enforce it unless they absolutely can’t eg completely ambiguous. If the contract is ambiguous but it can be interpreted, the unfavourable interpretation will go against the drafter. Why? If a contract appears to say X, it probably means that! Use plain English as your guide. Everything you want to have in a contract should be there. If it isn’t there, too bad.
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Contract Law- Assumptions Note that electronic contracts operate in much the same way (thanks to UECA) as paper ones. See pp. 125-6. What do you have to be concerned about in practice? For the most part contracts do not have to be in writing. Biggest exception – land. In practice, why have written contracts? See eg on p. 124-5. In practice, desire to retain good business relations etc will mean contracts may be varied. However, in practice: you can’t count on that. Plus always best first to know what your rights are, before you elect to waive them or ask someone else to vary them.
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Standard Form Contracts Is a situation of unequal bargaining power Does not mean it won’t be enforced Court approach to enforcement a little more unique Key points if drafting one Clarity of terms Industry standard terms Notice of key provisions where possible Confirmations of acceptance where possible
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Keep this simple. What should you remember? Express terms are critical: put them in or they don’t count. Remember basic assumptions eg read them because they do count. Sometimes evidence is required to explain them. Implied terms: very difficult. Don’t count on them. Statutory (eg
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Class_3-_AFM_231posted - Class 3- AFM 231 Contract Law...

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