Promissory estoppel on completion of this week you

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Unformatted text preview: Postal rule Consideration: what is it? Promissory estoppel On completion of this week you should be able to: Identify the sources of contract law in Australia Distinguish between the different types of contracts Identify the elements of a contract Identify the rules for offer and acceptance Explain what is an invitation to treat Explain what the postal rule is Explain what is consideration and identify the rules for consideration Explain what is promissory estoppel 5 6 Sources of contract law in Australia Contracts • Contracts are a fundamental part of people’s daily lives • They form the basis of commercial law and dealings • Contract law in Australia is derived from: Judge-made law: developed in the English common law courts: that is, decisions from the cases • Some basic examples: Sales contracts – buying food and Employment contracts – going to work Legislation/Acts of Parliament: which have amended or supplemented the case law Rental contracts – leasing a flat 7 Sources of contract law in Australia 8 Types of contracts • The study of contract law involves an examination of common law principles and the extent to which they have been affected by legislation • Formal contract: deeds • For an example, later in the course we will look at the impact of s 18 of the Australian Consumer Law (in the Competition and Consumer Act, 2010) prohibiting misleading or deceptive conduct • Simple contracts: oral or written • Simple contract: bilateral or unilateral 9 Formal contract 10 Simple contract • Special form of contract • Contracts under deed or seal • Used in particular circumstances where the parties would otherwise have no contractual obligations due to absence of consideration Deeds Wills Trusts 11 • Primary form of contracts • No required formality • May be unilateral Only one party under any obligation • May be bilateral Both parties have obligati...
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This note was uploaded on 03/11/2014 for the course LEGT 1710 taught by Professor Leena during the Three '10 term at University of New South Wales.

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