The identity of the parties, the subject of the consideration, possession date include,
must be signed by the parties, but doesnt have to be in one document, can be
included in several documents.
Only the party to be sued needs to sign it but sometimes t
In response to the unfairness of void contracts, equity law came in and created voidable
contracts which would be supplementary to the common law, because they would not
deem the contract void.
Equity recognized new considerations of f
Examples: threat of violence or the misrepresentation of a material fact related to
the contract. Under a voidable contract the contract exists and if goods are
involved the title may pass to the buyer until such time as the parties subject
to the press
Agency by Estoppel: when a person allows another to believe a certain state of
affairs exists with the results that others rely on that belief. The person will
afterwards be prevented from stating the true state of affairs was different.
Insurance: there are specialized rules both by common law and by statute. Insurance is a
contract where you protect yourself from risk of loss. Types: house insurance, life insuran
If you breach a condition in a minor particular, the doctrine of substantial performance applies
(EXAM) courts are willing to recognize substantial performance by the promisor though
defective or incomplete in minor respects to keep the other party bound.
Rules for Non NI:
Notice to promissory of the assignment
Assignee can only receive rights assignor has and is subject to the equities of
them (parties to the original contract).
Assignee and assignor must join to sue a defaulted promissory.
Employment law - contract of employment: there are implied terms both by a) statute workers
compensation, minimum wages and b) common law - reasonable notice provision. In addition
there can be negotiated terms including: the duration of the contract, the
Damages a money award
Restriction to on damages in common law (26:00):
The duty to mitigate: a person who has sustained a loss as a result of a breach
of contract must do what he, she, or it can to mitigate (limit) the
Discharge by agreement:
a) The waiver formally discharges both parties, the parties agree between
themselves that the contract doesnt have to perform, if one person has performed
then the waiver is ineffective, it becomes a gratuitous promise that they fu