Contract Law

Contract Law

1. Offer

   • Definition: An offer is a definite and unequivocal statement of willingness to be bound on specific terms without further negotiations.
   • Can be in any form: Oral, written or by conduct
   • Not offers
     • Invitation to treat
     • Statement of selling price
     • Statement of intention to sell
   • Termination

2. Acceptance

   • Definition: The unqualified and unconditional assent to all the terms of the offer
   • Communication
     • The postal rule
     • Silence

3. Consideration

   • Definition: Consideration is an act of forbearance (or the promise of it) on the part of one party to a contact as the price of the promise is made to him by the other party to the contract.
     • Some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other.
   • Sufficient but need not be adequate
   • Part payment problem
   • Not sufficient
     • Existing contractual duties
     • Past
     • Existing statutory duties

4. Exclusion Clauses

   • An exclusion clause (or exemption clause) is a term that seeks to exclude or limit a party's liability for beach of contract
   • Common Law
   • Statutory rules

5. Breach

   • Definition: Breach of contract occurs where one of the parties to the agreement fails to comply, either completely or satisfactory, with their obligations under it
   • Actual breach
   • Anticipatory breach
   • Remedies
     • Damages
       • Liquidated
       • Unliquidated
       • Remoteness
       • Measure of damages
     • Equitable remedies
       • Specific performance
       • Injunction
       • Rescission

6. Intention

7. Terms

   • Representations
   • Incorporation
     • Express
     • Implied
       • Statute
       • Courts
       • Custom
   • Conditions
   • Warranties
   • Innominate