Forms of a Contract - Law of Contract - Lecture Slides, Slides of Contract Law

Download Forms of a Contract - Law of Contract - Lecture Slides and more Slides Contract Law in PDF only on Docsity! Contract Law Docsity.com General requirements for contract formation:  possessing legal capacity  the object of the contract must be acceptable by the law  in some cases a particular form is required (e.g. sales contracts) Docsity.com Consideration Common law jurisdictions both parties to a contract must bring something to the bargain money anything of value to the parties Eg. I Eg. II Party A – a farm (consid.) Party C – clerical work (consid.) Party B – a million dollars Party D – food and shelter (consid.) (consid.) *Civil law jurisdictions – no consideration (a promise does not need consideration to be enforceable) Docsity.com Different forms of a contract CONTRACT EXPRESS IMPLIED 3 elements are implied (parking fees) written oral 3 essential elements are present Docsity.com An example from the South of England the town of ARUNDEL Docsity.com Remedies for breach of contract AWARD OF MONEY DAMAGES ORDER OF SPECIFIC PERFORMANCES Docsity.com Essential expressions • to form/enforce/ breach/enter into a contract • a breach of contract • consideration • offer and acceptance • an implied/express/ legally binding contract • valid; invalid • a void/voidable/ unenforceable contract • mistake • misrepresentation • duress • undue influence • incapacity • an order of specific performances Docsity.com Vocabulary practice I – Word families Fill in the blanks by using the appropriate words from the text. VERB NOUN ADJECTIVE to enforce avoidance performance _______ Docsity.com ARBITRATION A method of dispute resolution involving one ore more neutral third parties who are usually agreed to by the dispute parties and whose decision is binding.  to arbitrate  an arbitrator Docsity.com Example: GRIEVANCE ARBITRATION a) Contractual law It involves the violation or interpretation of an existing contract.  the ARBITRATOR issues a final decision regarding the meining of the contractual terms b) Labor law Arbitration of an employee’s grievance, usually relating to an alleged violation of the employee’s rights under a collective-barging agreement. (The arbitration procedure is set out in the collective-bargaining agreement. Docsity.com