Lecture notes
Lecture notes Contract Law
- Module
- Contract Law
- Institution
- University Of Lincoln (UoL)
Introduction to contract law - What is a contract
[Show more]
Seller
Follow
Content preview
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’.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller larisaladaru. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.66. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now