MLC101 Study Guide - Final Guide: Law Review, Law Of Agency, Legal Liability
30 Nov 2018
School
Department
Course
Professor
Document Summary
Risks arise from both legal and commercial factors. Unfair terms in contracts: relates to exclusion clauses which refers to individual bargaining powers between contracted parties, court will determine if clauses are fair due to the relationship between the parties. Must know partnership roles and liabilities make notes etc. Avoid/reduce risks innominate term rule - is an intermediate term which cannot be defined as either a. Act in good faith at all times. Simple (informal) = is binding and enforceable by the courts. Formal (deed i. e. written, signed, witnessed, sealed and delivered law sometimes requires contracts by deed) for example transfer of land to make sure there won"t be any ambiguity. A contract is an agreement between two or more parties under which legal rights and obligations are created which will be enforceable in the court. Nature and extent of what parties have agreed (written/oral terms/reps/ incorporation of exclusion clauses) Parole evidence role of interpretation of a contract .
