MLL111 Final: Contracts Notes
Document Summary
A contract is a binding promise between two or more parties based on an obligatory agreement that is enforced or recognised by law. Promissory intent: bilateral contracts: one in which both parties have obligation to perform at the time the contract comes into existence. An exchange of promises: unilateral contracts: whereby an offer can only be accepted by performance. Exchange of a promise for an act. (carlill v carbolic) Formation: express contracts: created by the express words/ actions of parties, implied contracts: a contract that arises by non-verbal conduct or assumed intentions. (clarke v. Dunraven 1897: simple contracts: can be entered into orally and/or in writing. No particular form is necessary: formal contracts: parties must sign a particular form of writing know as a deed. Enforceability: valid contracts: all elements of a contract are satisfied, void contracts: there was no contract from the beginning.
