LEGT 1710_Wk 3_Lecture_Slides

LEGT 1710_Wk 3_Lecture_Slides - ASSIGNMENT 1: CORRECTION...

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1 BUSINESS AND THE LAW Introduction to Contract Law Week 3 LEGT 1710: Session 2, 2010 Lecturer: Leela Cejnar 2 ASSIGNMENT 1: CORRECTION • Julia Roy has uploaded announcements on Blackboard about Q1 and Q9 • Please download Assignment 1 AGAIN, so you have the correct version of the Assignment 3 ASSIGNMENT 1: DUE DATE Due in week 5 of session 2 (ie week commencing Monday 16 August, 2010) • Give to your tutor in your own tutorial • PLEASE REMEMBER TO USE THE ASSIGNMENT COVER SHEET, which is at the back of your Course Outline 4 Today’s lecture • Role of contract law in business • Formation of contracts • Elements of a valid contract • Rules for offer • Rules for acceptance • Postal rule • Consideration • Promissory estoppel 5 Overview – Week 3 Contract: Formation and Intention On completion of this week you should be able to: ü Identify the sources of contract law in Australia ü Distinguish between the different types of contracts ü Identify the elements of a contract ü Identify the rules for offer and acceptance ü Explain what is an invitation to treat ü Explain what the postal rule is ü Explain what is consideration and identify the rules for consideration ü Explain what is promissory estoppel 6 Contracts • Contracts are a fundamental part of people’s daily lives. • They form the basis of commercial law and dealings. • Some basic examples: – Sales contracts – buying food – Employment contracts – going to work – Rental contracts – leasing a flat
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7 Sources of contract law in Australia • Contract law in Australia is derived from: – Judge-made law: developed in the English common law courts, that is, decisions from the cases; and – Legislation/Acts of Parliament: which have amended or supplemented the case law 8 Sources of contract law in Australia • The study of contract law involves an examination of common law principles and the extent to which they have been affected by legislation. • For an example, later in the course we will look at the impact of s 52 of the Trade Practices Act 1974 (Cth) prohibiting misleading or deceptive conduct. 9 Contract defined A contract can be defined as: “An agreement concerning promises made between two or more parties with the intention of creating certain legal rights and obligations upon the parties to that agreement which shall be enforceable in a court of law.” 10 Contract and Agreement • Terms ‘contract’ and ‘agreement’ are often used to mean the same thing. • Traditional definition of contract is: ‘a legally enforceable agreement that is legally binding’: Latimer p 282. 11 Contract and Agreement • An agreement is NOT necessarily legally binding. • An agreement is not necessarily a contract.
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This note was uploaded on 07/25/2011 for the course LEGT 1710 taught by Professor Leena during the Two '10 term at University of New South Wales.

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LEGT 1710_Wk 3_Lecture_Slides - ASSIGNMENT 1: CORRECTION...

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