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    I. Law of Contract

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    Perla Viray
    This document provides an overview of contract law. It explains that contract law governs legally binding oral or written agreements between parties. The key aspects of contract law are the freedom of contract, where parties can agree to whatever terms they want, and that it is a self-regulating system with courts generally enforcing agreements as written. However, courts will sometimes intervene if there is abuse of bargaining power. The rest of the document outlines the main sections of contract law, including formation, privity of contract, construction, vitiating factors, discharge of obligations, and remedies.

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    I. Law of Contract

    Uploaded by

    Perla Viray
    11 views2 pages
    This document provides an overview of contract law. It explains that contract law governs legally binding oral or written agreements between parties. The key aspects of contract law are the freedom of contract, where parties can agree to whatever terms they want, and that it is a self-regulating system with courts generally enforcing agreements as written. However, courts will sometimes intervene if there is abuse of bargaining power. The rest of the document outlines the main sections of contract law, including formation, privity of contract, construction, vitiating factors, discharge of obligations, and remedies.

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    This document provides an overview of contract law. It explains that contract law governs legally binding oral or written agreements between parties. The key aspects of contract law are the freedom of contract, where parties can agree to whatever terms they want, and that it is a self-regulating system with courts generally enforcing agreements as written. However, courts will sometimes intervene if there is abuse of bargaining power. The rest of the document outlines the main sections of contract law, including formation, privity of contract, construction, vitiating factors, discharge of obligations, and remedies.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    11 views2 pages

    I. Law of Contract

    Uploaded by

    Perla Viray
    This document provides an overview of contract law. It explains that contract law governs legally binding oral or written agreements between parties. The key aspects of contract law are the freedom of contract, where parties can agree to whatever terms they want, and that it is a self-regulating system with courts generally enforcing agreements as written. However, courts will sometimes intervene if there is abuse of bargaining power. The rest of the document outlines the main sections of contract law, including formation, privity of contract, construction, vitiating factors, discharge of obligations, and remedies.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    I.

    LAW OF CONTRACT

    Contract law is intriguing as most people will have unknowingly formed a

    legally binding contract at some point in their life. A contract can be described as a

    legally binding oral or written agreement which exchanges any combination of goods,

    services, money and property. It is unique in that unless certain exceptions apply,

    parties are free to agree to whatever terms they choose, this is known as the ‘freedom

    of contract’. Contractual relations are between individuals, and therefore contract law

    is a form of civil law. The dominant source of contract law is common law, whereby

    the previous decisions of the courts form part of the current law. There are also

    various statutory provisions which support contract law. The law of contracts aims to

    provide an effective legal framework for contracting parties to resolve their disputes

    and regulate their contractual obligations. The law of contract is mostly self-

    regulatory, with the majority of contracts requiring no intervention. The courts make

    no consideration for whether the contract was fair or not; if it was agreed, it should be

    enforced. Despite this, on some occasions, the courts are willing to depart from the

    principal of contractual freedom. This is often where there has been an abuse of

    bargaining power by one contracting party.

    It is important that each section of the law of contract is learned, as many of

    the principles operate in tandem and are better understood with knowledge of each.

    The following are breakdown of the main sections:

    1. Formation – How is a contract formed, how does an individual create a

    legally binding agreement with another and what may prevent an

    agreement operating as a contract?

    2. Privity Of Contract – Exactly who are contractual obligations owed to?


    3. Construction – What kind of obligations can be included in a contract?

    4. Vitiating Factors – When might a contract be void, or voidable?

    5. Discharge Of Obligations – At what point are the parties free from

    their contractual obligations?

    6. Remedies

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