MLL111 Final: Contract Law Notes
Document Summary
Privity, agency and assignments (3rd parties) 6. Exercise of the right to terminate 22. A contract is a legally enforceable agreement that involves one or more promises, given for something in return. Any breach of contract entitles the injured party to seek damages, but the damages will be nominal unless the plaintiff can prove they have suffered loss. Where a party sustains loss by reason of a breach of contract, he [sic] is, so far as money can do it, to be placed in the same situation as if the contract had been performed . Endorsed and applied in tabcorp holdings v bowen investments. Examples of quantifying loss: for uncompleted work, reasonable cost of having someone else do it, for undelivered goods, additional cost (if any) of buying replacement goods, cost of going somewhere else, look at contract price and market price.
