L1 - Outline/Basics
Tuesday, October 5, 2021 12:03
Context of contract law within private law
Private Law : Law that regulates relations between individuals
Contract law : expectations engendered by a binding promise should
be filled
(Seen later in the course by parts of private law)
Tort law : compensation must be granted for the wrongful infliction of
harm
Restitution law : unjust enrichments must be reverse
Contract is:
a legally enforceable agreement between 2 or more parties.
An obligation which is voluntarily assumed and agreed to
Key notions:
Bargain- the idea there is an exchange of something for something in return.
E.g. money for an exchange of goods or services
Intention of the parties- the court will give effect to the intention of the
parties.
Legal rules in a contract:
3 types of legal rules in a contract
Rules on the formation and content of agreements
Rules o the enforcement of agreements
Rules distinguishing those agreements which are enforceable from
those that are not
Contract law adapts over time.
Contract law inherently linked to development of capitalism
Relationship between contract law and capitalism.
Modern Contract law emerged from mercantile contracts sale of agricultural
goods.
Influenced by how trades were done
Markets /exchanges/auctions
Globalism and internet also had influence
Capitalism was a major engine of contract law development
Big and sudden changes to contract law translate to big and sudden changed to the
economy
Theories in contract Law:
Tuesday, October 5, 2021 12:03
Context of contract law within private law
Private Law : Law that regulates relations between individuals
Contract law : expectations engendered by a binding promise should
be filled
(Seen later in the course by parts of private law)
Tort law : compensation must be granted for the wrongful infliction of
harm
Restitution law : unjust enrichments must be reverse
Contract is:
a legally enforceable agreement between 2 or more parties.
An obligation which is voluntarily assumed and agreed to
Key notions:
Bargain- the idea there is an exchange of something for something in return.
E.g. money for an exchange of goods or services
Intention of the parties- the court will give effect to the intention of the
parties.
Legal rules in a contract:
3 types of legal rules in a contract
Rules on the formation and content of agreements
Rules o the enforcement of agreements
Rules distinguishing those agreements which are enforceable from
those that are not
Contract law adapts over time.
Contract law inherently linked to development of capitalism
Relationship between contract law and capitalism.
Modern Contract law emerged from mercantile contracts sale of agricultural
goods.
Influenced by how trades were done
Markets /exchanges/auctions
Globalism and internet also had influence
Capitalism was a major engine of contract law development
Big and sudden changes to contract law translate to big and sudden changed to the
economy
Theories in contract Law:
