Law of Contract

Laura Tamás
Mind Map by Laura Tamás, updated more than 1 year ago
Laura Tamás
Created by Laura Tamás over 6 years ago
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Description

intro to law ch 4

Resource summary

Law of Contract
  1. Sources
    1. rules by contracting partners
      1. decide themselves
        1. general conditions (standardized rules that suit their interests)
          1. eg: supermarkets
        2. official rules
          1. national
            1. EU
              1. limited competence
                1. specific contracts/aspects
              2. supranational
                1. UN: CISG

                  Annotations:

                  • Convention on Contracts for the International Sale of Goods
                2. default/ mandatory
                  1. automatically applicable rules if no specific ones are made by the parties
                    1. declare void: if against law or morality
                  2. informal rules
                    1. inspiration for drafting
                      1. PECL

                        Annotations:

                        • Principles of European Contract Law
                    2. Formation of a binding contract
                      1. intention to be legally bound
                        1. enforceable
                        2. reach a sufficient agreement
                          1. common law
                            1. consideration
                            2. gratuitious promises
                              1. need to be put in a notarial deed
                                1. UK: deed
                                2. unequal obligations
                                  1. car for $10
                                    1. why made?
                                      1. what if unforceable?
                                        1. if action made upon promise--> can be argued binding
                                        2. social promises--> mostly unfoceable
                                          1. offer

                                            Annotations:

                                            • intend to result in a contract contain sufficiently definite terms to form a contract
                                            1. revocation
                                              1. differs per jurisdiction
                                                1. DE:irrevocable for a period
                                                2. acceptance
                                                  1. as it is dispatched : BINDING
                                                  2. protection of the weaker party
                                                    1. consumer protection
                                                      1. inform buyer
                                                        1. in writing
                                                          1. incapacity
                                                            1. minors
                                                              1. mentally ill
                                                            2. withdrawal rights
                                                              1. cooling-off period 14 days
                                                            3. contractual liability
                                                              1. contract during negotiations already binding
                                                                1. depends on jurisdiction
                                                            4. Content
                                                              1. interpretation
                                                                1. EU: intention of the promiser
                                                                  1. UK: literal interpretation
                                                                    1. how would a reasonable person with reasonable knowledge decide?
                                                                    2. unfairness
                                                                      1. procedural unfairness
                                                                        1. did not form will freely
                                                                          1. under threat
                                                                          2. mistake
                                                                            1. incorrect assumption
                                                                              1. balance: what should they know/ be told
                                                                            2. general condition
                                                                              1. buyer cannot change contract
                                                                                1. test substantive fairness
                                                                              2. prohibited contracts
                                                                                1. contrary to law/morality
                                                                                  1. not enforced
                                                                                2. Remedies
                                                                                  1. Civil Law
                                                                                    1. claim of performance
                                                                                      1. doesn't abide: forced
                                                                                      2. objective impossiblity
                                                                                        1. eg laptop is stolen from me before i sell it
                                                                                        2. too big effort to perform: not forced
                                                                                          1. generic goods
                                                                                            1. claim delivery
                                                                                            2. nonperformance
                                                                                              1. only if responsible damages
                                                                                                1. force majeure
                                                                                                  1. termination
                                                                                                    1. DE: main obligation breached
                                                                                                2. Common Law
                                                                                                  1. normally: damages paid
                                                                                                    1. equity
                                                                                                      1. claim for performance
                                                                                                        1. land, work of art etc
                                                                                                      2. generic goods
                                                                                                        1. damages
                                                                                                          1. eg: potato water
                                                                                                          2. nonperformance
                                                                                                            1. liable
                                                                                                              1. except for implied condition
                                                                                                                1. stadium burns down
                                                                                                              2. terminate
                                                                                                                1. "essential" part breached
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