Contract Law Legally binding and force able agreement - Dispute creation of contract (establishment and existence?

) - Result of the performance of a contract (are certain criteria's met during the contract? etc..) Elements of a contract: (primary) - intention - agreement - consideration Written contract Vs verbal - obligations and certain criteria are listed down - hard to distinguish the constraints within verbal contract What is it? How do we establish it? - Determine whether both parties have intention in entering a contract o Domestic family/situation/social setting, not a legally enforceable contract o Commercial/business manner infer an intention from both parties - Rebuttable: whether or not parties intended on agreeing to terms BY PROOF

Agreement What is it? - Offer and acceptance o Final statement - Meeting of the minds o Needs to be communicated/obvious and unequivocal for validation - Distinguish from puff and invitation to treat o Puff; something nobody can believe is true o Invitation for one party to enter into negotiations (ads etc) not actually a valid offer o Acceptance must be clearly communication and in response to the offer made Then agreement occurs

Consideration Idea of having an exchange from two parties (gains and loss cost of a contract) - E.g. Exchanging good for money - Services Is it a must? - Not a must unless there is a deed (written documentation) o Giving something without having anything in return (no requirement for consideration)

Capacity Who has capacity? - Both parties do When can it become an issue? - Minors o People under 18 lack capacity to enter contracts Can rebut by: Establish that the contract benefits from the contract It was necessary for the minor to enter a contract Its confirmed by them when they turn 18 - Insane/mental disability - Intoxicated Persons

Consent Must be valid consent - Invalid consent o Mistake Unilaterally (one party) is mistaken Only remedy when other party is fraudulent o Pressure o Misrepresentation Representor Induces the representee to enter into a contract

Legality - Are all contracts enforceable? o Unenforceable - Agreements that have an illegal purpose - In what circumstances will courts refuse to enforce contracts? o Restraint of trade Stops someone to work for a particular period of time Illegal unless it is a reasonable restraint of trade

The contract exists whats next? - Can the contract be varied? - Can the contract be terminated? - Performance - Breach

Outcome - Remedies for contractual breach o Specific performance o Junction Order to stop an action from happening o Terminate Bring the contract to an end o Damages: financial compensation (for the loss that you suffer) - Mitigation o Reduce the loss they suffer o - Statute of Limitations o Bring case up within 6 years of contractual breach