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LEGT1710, Week 3 Lecture - ASSIGNMENT 1 DUE DATE LEGT 1710...

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1 LEGT 1710 Business and the Law Week 3 Introduction to Contract Law Lecturer: Dr Leela Cejnar © 2012 The University of New South Wales Sydney 2052 Australia The original material prepared for this guide is copyright. Apart from fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission. Enquiries should be addressed to the Head of School, Taxation and Business Law, UNSW, Sydney 2 ASSIGNMENT 1: DUE DATE Due in week 5 (ie week commencing Monday 13 August) 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 3 ASSIGNMENT 1: REFERENCING Reference accurately and appropriately : no plagiarising will be tolerated Refer to: ¾ APPENDIX A - Style Guide and Written Submission Guidelines in Part B of the Course Outline (for how to reference) ¾ RESEARCH GUIDANCE NOTES ON BLACKBOARD, UNDER ASSESSMENTS 4 Weekly readings You are expected to cover all the readings set out in the Course Schedule of the Course Outline Key points (or cases) will be emphasised in the lectures (and in the PDF slides) Note: your weekly readings cover both the key points raised in lectures AND some additional background materials that may not be discussed in lectures but that will be beneficial 5 Today’s lecture Role of contract law in business Formation of contracts Elements of a valid contract Offer: rules for offer Acceptance: rules for acceptance The Postal rule Consideration: what is it? Promissory estoppel 6 Overview – Week 3 Contract: Formation and Intention On completion of this week you should be able to: 9 Identify the sources of contract law in Australia 9 Distinguish between the different types of contracts 9 Identify the elements of a contract 9 Identify the rules for offer and acceptance 9 Explain what is an invitation to treat 9 Explain what the postal rule is 9 Explain what is consideration and identify the rules for consideration 9 Explain what is promissory estoppel
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7 Contracts Contracts are a fundamental part of people’s daily lives They form the basis of commercial law and dealings Some basic examples: ¾ Sales contracts – buying food ¾ Employment contracts – going to work ¾ Rental contracts – leasing a flat 8 Sources of contract law in Australia Contract law in Australia is derived from: ¾ Judge-made law: developed in the English common law courts: that is, decisions from the cases and ¾ Legislation/Acts of Parliament: which have amended or supplemented the case law 9 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 18 of the Australian Consumer Law (in the Competition and Consumer Act, 2010) prohibiting
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