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Topics included - essentials of binding a contract, formation, offer and acceptance, communication of the offer, termination of the offer.
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LW40057E Contract Law Lecture Notes Week 1These are extra background notes and are not intended to be a substitute
for additional reading from the recommended text. They follow the order of
the powerpoint slides but sometimes have a little more detail.
In addition, remember to read the set text: Elliott & Quinn’s Contract Law.
Basic Concepts and Terminology
________________________________________________________
It has been said that all contracts are agreements but not all agreements are
contracts. A contract is a legally binding agreement which means that if broken,
the wronged party may enforce the agreement through the courts.
Essentials of a legally binding contract:
1. Agreement - usually achieved by offer and acceptance
2. Intention to create legal relations
3. Certainty
4. Consideration (except specialty contracts in the form of a deed)
5. Formalities Most contracts can be made without any particular formalities (ie
in general no need even to be in writing) however certain types of contracts do
need to satisfy certain formal requirements eg: Deed Law of Property Act 1925
A contract for a lease of three years or more must be made by deed.
6. Genuine Consent of the parties to their contractual obligations
- may be destroyed by the vitiating factors eg illegality and misrepresentation
(see later)
Bilateral contracts and unilateral contracts
Carlill v Carbolic Smoke Ball Co (1893) 1 QB. 256, CA
D (‘defendant’), the smoke ball manufacturers advertised £100 for any person
who used their smokeballs as directed and succumbed to influenza within a
specified time. As a sign of good faith D claimed to have deposited £1000 with
1
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