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Lecture notes Contract Law
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Introduction to contract law - What is a contract
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What is a contract?A contract is a voluntary agreement between 2 parties which is legally binding.
(deeds only have one party)
The different types of contracts are:
- Sale of goods (for example, a car)
- Supply of Services (for example, a courier)
- Hire of goods (for example, a van)
- Credit agreement (for example, phones, a bank loan)
- employment (for example, a part time job)
Contract law helps us establish rules and principles regarding the:
- formation
- enforceability
- contents
- setting aside
- frustration
- performance
- breaches
- remedies
of contracts.
A contract that exists for illegal purposes will be declared as void and not be
exercised by the courts.
The role of contract law is to enforce promises, regulate the market and facilitate
exchanges.
It:
- informs parties of what they are expected to do.
- specifies the interpretation of the contents of a contract.
- Clarifies what will happen if the contract is not performed.
- Encourages performance by establishing remedies in case of a breach.
Development of contract law
The general principles were developed primarily through common law, derived
from precedent. However, there have been statutory interventions at different
stages. We also have the legislation that cover types of contracts, such as
employment contracts.
Freedom of Contract Ideology (also known as the classical theory) suggests
that the parties are free to enter a contract and free to determine the terms. It is
based on an ‘exchange’ of promises and each transaction is viewed as ‘discreet’.
The role of the court is that of ‘umpire’ or ‘arbiter’.
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