LAW251 Final: Contract Law
Document Summary
A contract is a legally enforceable agreement that involves one or more promises, given for something in return (consideration). Examples of contracts: business contracts, financial contracts, employment contracts, phone contracts etc. Not contracts (lack of intention to be legally binding): social agreements, gifts, most family agreements contracts (australian consumer law) Generally enforceable by common law of contracts not necessarily statutory regulation but does exist for insurance, employment, sale of land/goods. Judge made law in common law of contracts two main categories: equity rules and principles deriving from old chancery court, common law rules deriving from all other courts. Types of remedies: self help, enforcement, compensation, restitution, liquidated damages and penalty clauses, rectification damages, gains-based damages, self help. The process of preventing/rectifying any wrong"s done by the other party before/without resorting to legal proceedings. *before addressing a court/lawyer the party must have exhausted all self-help options. Examples of self-help: withholding performance of contract, termination of contract, deposits and advance payments, enforcement.
