We will look at the impact of s 18 of the australian

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Unformatted text preview: 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 obligations 12 Contract defined The law of contracts A contract can be defined as: • Therefore, a contract: Contains promises Between two or more parties - Promisor: person who makes promise - Promisee: person to whom promise is made - Who intend to be legally bound “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.” • Making it enforceable by law 13 13 14 Contract and Agreement Contract and Agreement • Terms ‘contract’ and ‘agreement’ are often used to mean the same thing • An agreement is NOT necessarily legally binding • An agreement is not necessarily a contract • Traditional definition of contract is: ‘a legally enforceable agreement that is legally binding’ See Latimer ¶5-010 15 16 Contract and Agreement Essential elements of a contract Q: When does an agreement become a contract? A: When it becomes LEGALLY ENFORCEABLE. • Intention to enter into a legally binding contract • “Agreement” Offer Acceptance • Consideration (or price) BUT: when does this occur? 17 18 Other elements for a valid contract Intention to create legal relations • Legal capacity There must be evidence that the parties INTENDED to • Genuine consent make a legally enforceable contract: to be discussed further in next week’s lecture • Legality of purpose • Any formal/procedural requirements must be satisfied See Latimer at ¶5-510 to ¶5-570 19 19 The Offer: Rules in relation to Offers 20 Notice of the Offer There must be: 1. A meeting of the minds showing intention or...
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