LAWS105 Lecture Notes - Lecture 1: Australian Contract Law, Contract, Freedom Of Contract
Document Summary
What is a contract: a contract is a legally binding agreement. For a promise to give rise to a contract it must amount to an undertaking by the promisor in exchange for something sought in return from the promisee: eg. Ally promises to give beatrix her car if beatrix pays ally ,000. Scope of contracts: avoidance, performance and discharge of contracts, remedies available to the parties where contractual obligations are not performed properly, main source of contract law in australia is the common law, although there"s increasing statute law. Laws105 contract is built upon next semester in laws108 commercial law. Statue law can limit contractual freedom, for example, for the protection of consumers (to prevent unfair terms, or misleading conduct) Two main justifications (from professor atiyah): the law enforces contracts because of the importance of contracts to our society (almost every transaction by a business will involve a contract). The law provides remedies for breach of contract: to remedy injustice.
