LAWS 3003 Lecture Notes - Lecture 10: David Macbrayne, Dick Bentley, Merzario
Document Summary
Week 10: the content of contractual obligation ii: Terms: two types of terms, express terms, terms that are expressed directly by the parties. Implied terms, not exchanged by parties, but terms that come from other sources which the courts recognize (eg. legislation: express terms, during a dispute, the court will refer to the reasonable person test. "parol" is basically an old english translation of "oral: when a contract is about to begin to operate, or cease to operate, the rule is treated as a presumption of law, however there are exceptions to this rule. Escrow: only becomes a binding contract when a condition has been satisfied, a condition subsequent has come into place. Legislation states that in certain types of contracts, a set of terms will apply, whether the parties want them or not. It is the very consideration of the contract.
