INTRODUCTION TO CONTRACT LAW
INTRODUCTION
⇒ A contract is a legal enforcement of agreements and promises OR an undertaking by
someone (usually this is a unilateral 'promise, pledge, or engagement' to use Black's Law Dictionary
definition).
⇒ Not all agreements are contracts.
⇒ A contract requires offer, acceptance, intention to create legal relations, and consideration.
PARTIES IN A CONTRACT
⇒ In a unilateral contract, there is just one party e.g. if you lose your pen and offer a general reward
to anyone who finds it, you are the only one bound but it is still a contract.
⇒ In a bilateral contract, there are two parties making a promise to each other.
⇒ In a trilateral contract, there are three parties making promises to each other.
⇒ In a multilateral contract, there are more than three parties making promises to each other e.g. a
treaty.
FORM AND NATURE
⇒ Form:
Contracts can be made orally, in writing, by deed, conduct, and/or electronically.
In most formal cases, the terms of a contract are written down: this is proof/evidence and ensures
there is no ambiguity of contract.
A deed historically was a fancy document. Now you simply need to state a document is a deed for it
to be one. A deed is a special contract usually used in special circumstance, most commonly when
dealing with land.
You can contract through conduct e.g. if you ask a group of people ‘Who would like to buy this pen?’
and someone raises their hand, that person, by conduct, has agreed to the contract.
⇒ Nature:
Contract terms may be express e.g. written down.
Or, they can be implied into a contract e.g. if you live in London and say "Let's meet at King's Cross
Station", it is clearly implied you mean King's Cross Station in London and not in some foreign
country.
FUNDAMENTAL PRINCIPLE: DOCTRINE OF OBJECTIVITY
⇒ The doctrine of objectivity means that the law is NOT concerned by what is in your mind but by
what you have actually said or done.
⇒ Therefore subjectivity is rarely considered.
INTRODUCTION
⇒ A contract is a legal enforcement of agreements and promises OR an undertaking by
someone (usually this is a unilateral 'promise, pledge, or engagement' to use Black's Law Dictionary
definition).
⇒ Not all agreements are contracts.
⇒ A contract requires offer, acceptance, intention to create legal relations, and consideration.
PARTIES IN A CONTRACT
⇒ In a unilateral contract, there is just one party e.g. if you lose your pen and offer a general reward
to anyone who finds it, you are the only one bound but it is still a contract.
⇒ In a bilateral contract, there are two parties making a promise to each other.
⇒ In a trilateral contract, there are three parties making promises to each other.
⇒ In a multilateral contract, there are more than three parties making promises to each other e.g. a
treaty.
FORM AND NATURE
⇒ Form:
Contracts can be made orally, in writing, by deed, conduct, and/or electronically.
In most formal cases, the terms of a contract are written down: this is proof/evidence and ensures
there is no ambiguity of contract.
A deed historically was a fancy document. Now you simply need to state a document is a deed for it
to be one. A deed is a special contract usually used in special circumstance, most commonly when
dealing with land.
You can contract through conduct e.g. if you ask a group of people ‘Who would like to buy this pen?’
and someone raises their hand, that person, by conduct, has agreed to the contract.
⇒ Nature:
Contract terms may be express e.g. written down.
Or, they can be implied into a contract e.g. if you live in London and say "Let's meet at King's Cross
Station", it is clearly implied you mean King's Cross Station in London and not in some foreign
country.
FUNDAMENTAL PRINCIPLE: DOCTRINE OF OBJECTIVITY
⇒ The doctrine of objectivity means that the law is NOT concerned by what is in your mind but by
what you have actually said or done.
⇒ Therefore subjectivity is rarely considered.
