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Summary Contract Law
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A summary on Contract Law based on UWE lectures and Jim Mason's Construction Law textbook.
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CONTRACT LAWEssentials of a Contract:
- Agreement
- 2+ parties
- Intention to create legal relations
- Exchanging promises
AGREEMENT
- Invitation to Treat
May/May not result in offer being made
Statement of prices
Not yet presented to cashier
- Offer
Valid offer from ‘offeror’
Valid acceptance by ‘offeree’
Capable of acceptance
Capable of Revocation/Rejection by offeror
Lapses over time (in a period)
- Acceptance
Any person with notice of offer may accept
Intention to be bound
Offeror can be obliged to keep offer open for a specific period, given the offeree’s consideration
Revocation (Cancellation)of offer only valid if communicated to offeree/reliable source within
that period.
Counteroffer – insertion of new terms into a proposed agreement; switched roles eg.
Hyde v Wench
Request for clarification – does not vary the terms of offer
Communication of acceptance – Verbally/Writing/By conduct
Postal Rule – effective with proof of posting even if its late/never received; does not apply when
there is inconvenience (lost in post)
Instant communication method – sent & received, available to read
- Consideration
Contractual glue – binds offer & acceptance
Eg. Payment of money, Provision of goods etc.
Stilk v Myrick
Terms of a Contract:
Representation
- Statement of fact which acts as an inducement to enter a contract
- A false representation may give a claimant a right to claim – misinterpretation
Contractual Terms
- Expressed or Implied
- Conditions & Warranties
Expressed Terms
o Contract made on an oral basis
o ‘Parol Evidence’ rule – written contracts, prevents oral evidence to be admitted, to vary the
terms of the written contract
Implied Terms
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