Summary
Summary Contract law
- Module
- Unit 6 - Contract Law
- Institution
- PEARSON (PEARSON)
Summary of 2 pages for the course Unit 6 - Contract Law at PEARSON (help)
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Task 1:Explain what legal contracts are and how they form. Understand how they might be binding in some
scenarios. (Expand further)
A contract is a voluntary agreement between two or more parties that a court will enforce. The
rights and obligations created by a contract apply only to the parties to the contract.
A valid contract requires the presence of three elements:
an agreement;
an intention to create legal relations: this is an intention to form a legally binding relationship, and;
consideration: ie. payment.
it is important to identify if the necessary elements have arise as legal issues, this is because these
elements are required by law in order to establish the existence of a contract, which the elements
include proposal, acceptance.
A) Miss Billington and Mr Kopacz have not formed a contract as it was not binding on him. It
was merely an online marketplace where many individuals can offer. This was an invitation
to treat, it did not form a contract. (expand)
Miss Billington and Emma have formed an oral contract as in exchange for the service she
will receive a necklace. (expand)
Mrs Sanghera and Purcell Auto -Sellers may have formed a contract yet as it is not binding
on Mrs Sanghera. She has counter offered. (expand) However, in modern communications, a
simple text message could be seen as a factor for a contract to be formed. Argue both ways.
(expand)
Analyse the scenarios and reflect on the negotiation of each stage. Explain what negotiation is and
refer to the individuals. Expand on offers, counter offers and invitations to treat.
Negotiation:
Parties typically attempt to negotiate terms that are favorable to themselves. When negotiating,
each party will assess the risk or benefit of including a particular term.
The concept of a duty to carry on negotiations in good faith is inherently repugnant to the
adversarial position of the parties when involved in negotiations. Each party to the negotiations is
entitled to pursue his (or her) own interest, so long as he avoids making misrepresentations…A duty
to negotiate in good faith is as unworkable in practice as it is inherently inconsistent with the
position f a negotiating party”, Lord Ackner alleged in Walford v Miles. Various opinions, both
positive and negative, have been stated around the principle of good faith and the possibility of
incorporation of the principle into English Contract Law. Indeed, despite the fact that the
jurisprudence of good faith is up to date in many other legal systems in the world, English lawyers
don’t accept the idea that a party must act in good faith.
Offers:
An offer refers to a promise that one party makes in exchange for another party's performance. In
other words, it is an invitation to enter into a contract on certain terms. It can be expressed in many
different ways, from a short and simple oral statement to a long and detailed written statement.
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