CONTENTS
What is a contract...2
Sources of contract law ...3
Common law v Equity ...3
Classifications of contracts ...3 Assumpsit ... Error! Bookmark not defined.
The fact of agreement ... Error! Bookmark not defined.
Offer and acceptance ... Error! Bookmark not defined.
What is an offer?... Error! Bookmark not defined.
Circulars, catalogues, advertisements (invitation to treat) ... Error! Bookmark not defined.
Display of goods ... Error! Bookmark not defined.
Auctions ... Error! Bookmark not defined.
Tenders ... Error! Bookmark not defined.
Requests for information ... Error! Bookmark not defined.
To whom can an offer be made? ... Error! Bookmark not defined.
Termination of offers ... Error! Bookmark not defined.
Lapse of time ... Error! Bookmark not defined.
Rejection ... Error! Bookmark not defined.
Revocation ... Error! Bookmark not defined.
Failure of a condition ... Error! Bookmark not defined.
Death ... Error! Bookmark not defined.
Acceptance ... Error! Bookmark not defined.
Alternatives ... Error! Bookmark not defined.
Consideration ... Error! Bookmark not defined.
Rules of consideration (1 – 5) ... Error! Bookmark not defined.
Consideration & Estoppel ... Error! Bookmark not defined.
Estoppel ... Error! Bookmark not defined.
The requirement of writing ... Error! Bookmark not defined.
Intention to create legal relations ... Error! Bookmark not defined.
Terms of a contract ... Error! Bookmark not defined.
Construction of contractual terms, parol evidence rules and exclusion clauses ... Error! Bookmark not defined.
Implied terms ... Error! Bookmark not defined.
Privity of a contract ... Error! Bookmark not defined.
The requirements of certainty and completeness ... Error! Bookmark not defined.
WHAT IS A CONTRACT
• A contract is an agreement giving rise to obligations which are enforced or recognised by law. The factor that distinguishes contractual from other legal obligations is that they are based on the agreement of the contractual parties. (Treitel)
• A promise or set of promises which the law will enforce. (Pollock)
SOURCES OF CONTRACT LAW
COMMON LAW V EQUITY
Common Law Equity
1. A comprehensive system Not a comprehensive system, i.e it never had a criminal
jurisdiction
2. Remedies are not discretionary Remedies are discretionary 3. Common law rights are enforceable at
any time subject to statute of limitations
Remedies must be applied for promptly or they may not be enforceable
4. Common law rights are valid against the whole world
Equitable rights are valid only against those persons specified by the court
CLASSIFICATIONS OF CONTRACTS Contract Law
The Common
Law Equity Legislation
(statutes)
Contracts classified by formation:
• Formal contracts:
o They have some special formality in the way they are created o Validity comes from the form of the contract
o May not require consideration o Limitation period = 12 years
• Simple contracts:
o They have no formal requirements and require very little in the way of formality o Consideration must be present
o They can be oral, in writing or in a combination of these two forms o Limitation period = 6 years
Contracts classified by promise:
• Bilateral contracts:
o A promise made by one party in exchange for a promise by another party o A one to one contract
o Offeror = person who makes the offer
o Offeree = the person to whom the offer is made
o EXAMPLE: buyer promises to pay the price, the seller promises to deliver the goods = a sale of goods contract