TABL1710 Lecture Notes - Lecture 2: Stoping, Collateral Contract, Specific Performance

• School: UNSW, UNSW Sydney
• Department: Taxation and Business Law
• Course: TABL1710
• Professor: All

Document Summary

Contracts: 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. Sources of contract law in australia judge-made law (common law): developed in the english common law courts - that is, decisions from previous cases legislation/acts of parliament (statue law): which have amended or supplemented the case law. A contract entered into by way of exchange of promises; a promise for a promise. A contract in which the offeror"s offer can only be accepted by the performance of an act by the offeree, a promise for an act. All the elements are satisfied and enforceable by either part. Only the injured part can enforce the contract or rescind. No legal rights or obligations, so neither party can enforce it. Lacking a procedural requirement to make it enforceable.