MLL111 Final: Contract Notes

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27 Jul 2018
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A promise (or a set of promises) that is legally binding. A promise is only comprehended to be a contract if in substance it amounts to an undertaking by a promisor that is offered in exchange for something sought from the promisee. Most goods and services in australia are created and distributed through markets. Legally binding means that the law will compel the person making the promise (cid:523)(cid:494)the promisor(cid:495)(cid:524) to perform or otherwise pay damages in order to compensate the person to whom the promise had been made (cid:523)(cid:494)the promisee(cid:495)(cid:524) for non-performance. It underpins society almost all consumer and business transactions markets is a contract almost every transaction will involve a contract. Agreement offer and acceptance (cid:494)meeting of the minds(cid:495) = consensus ad idem so. It provides a framework within which people can create their own rights and obligations if they wish to do.

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