LAW 1509 Chapter Notes - Chapter Christine Miles and Warwick Dowler, A Guide to Business Law (Thomson Reuters, 21st ed, 2015) ch 8 (Introduction to the Law of Contracts): Dmg Media, Competition And Consumer Act 2010, Contract

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COMMERCIAL TRANSACTIONS WEEK 2 READINGS
Nature and Classification of Contracts
A contract can be defined as a legally binding agreement that the law will lenforce
between two or more people
Contract principles- Common law principles, case law, equitable principles and
statute law from federal and state
Laws don’t order a remedy if it is an agreement not contract
Essential to contract- Recognised and enforced by courts, legally binding rights and
responsibilities.
Intention to create legal relationships, The parties must have reached an agreement
through Offer and Acceptance
Consideration- Each party must promise to do something as part of the agreement
through offering something of value as a means of bargaining
Parties must not be influenced by mistake or fraud.
Formality, Validity, Formation, Performance, Method
Written agreements are usually binding under courts
If verbal statements are made after a contract they are not binding because the
courts assume the contract already includes all relevant binding information
If a contract is entirely in writing it is assumed that all terms are within the contract
and any additions that aren’t written are not binding
Main contracts and minor contracts that can exist together
Collateral Contracts/Minor Contracts are when the contract is not all in one piece
e.g. two related contracts.
Just because a contract is signed does not mean it is necessarily binding
If there has been a misrepresentation of a contracts terms it may be voided
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Melissa Sparrow (a1668063)
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Document Summary

A contract can be defined as a legally binding agreement that the law will lenforce between two or more people. Contract principles- common law principles, case law, equitable principles and statute law from federal and state. Laws don"t order a remedy if it is an agreement not contract. Essential to contract- recognised and enforced by courts, legally binding rights and responsibilities. Intention to create legal relationships, the parties must have reached an agreement through offer and acceptance. Consideration- each party must promise to do something as part of the agreement through offering something of value as a means of bargaining. Parties must not be influenced by mistake or fraud. Written agreements are usually binding under courts. If verbal statements are made after a contract they are not binding because the courts assume the contract already includes all relevant binding information.

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