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I. Law of Contract

This document provides an overview of contract law. It explains that contract law governs legally binding oral or written agreements between parties. The key aspects of contract law are the freedom of contract, where parties can agree to whatever terms they want, and that it is a self-regulating system with courts generally enforcing agreements as written. However, courts will sometimes intervene if there is abuse of bargaining power. The rest of the document outlines the main sections of contract law, including formation, privity of contract, construction, vitiating factors, discharge of obligations, and remedies.

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13 views2 pages

I. Law of Contract

This document provides an overview of contract law. It explains that contract law governs legally binding oral or written agreements between parties. The key aspects of contract law are the freedom of contract, where parties can agree to whatever terms they want, and that it is a self-regulating system with courts generally enforcing agreements as written. However, courts will sometimes intervene if there is abuse of bargaining power. The rest of the document outlines the main sections of contract law, including formation, privity of contract, construction, vitiating factors, discharge of obligations, and remedies.

Uploaded by

Perla Viray
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
Download as docx, pdf, or txt
Download as docx, pdf, or txt
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I.

LAW OF CONTRACT

Contract law is intriguing as most people will have unknowingly formed a

legally binding contract at some point in their life. A contract can be described as a

legally binding oral or written agreement which exchanges any combination of goods,

services, money and property. It is unique in that unless certain exceptions apply,

parties are free to agree to whatever terms they choose, this is known as the ‘freedom

of contract’. Contractual relations are between individuals, and therefore contract law

is a form of civil law. The dominant source of contract law is common law, whereby

the previous decisions of the courts form part of the current law. There are also

various statutory provisions which support contract law. The law of contracts aims to

provide an effective legal framework for contracting parties to resolve their disputes

and regulate their contractual obligations. The law of contract is mostly self-

regulatory, with the majority of contracts requiring no intervention. The courts make

no consideration for whether the contract was fair or not; if it was agreed, it should be

enforced. Despite this, on some occasions, the courts are willing to depart from the

principal of contractual freedom. This is often where there has been an abuse of

bargaining power by one contracting party.

It is important that each section of the law of contract is learned, as many of

the principles operate in tandem and are better understood with knowledge of each.

The following are breakdown of the main sections:

1. Formation – How is a contract formed, how does an individual create a

legally binding agreement with another and what may prevent an

agreement operating as a contract?

2. Privity Of Contract – Exactly who are contractual obligations owed to?


3. Construction – What kind of obligations can be included in a contract?

4. Vitiating Factors – When might a contract be void, or voidable?

5. Discharge Of Obligations – At what point are the parties free from

their contractual obligations?

6. Remedies

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