MLL111 Lecture 1: Contract Law 1

• School: Deakin University
• Department: Business and Law
• Course: MLL111
• Professor: All

Document Summary

1)is there a legally binding promise between the parties (cid:1006)(cid:895)if so (cid:449)hat are the ter(cid:373)s (cid:894)of the legall(cid:455) (cid:271)i(cid:374)di(cid:374)g pro(cid:373)ise(cid:895) a(cid:374)d (cid:449)hat"s i(cid:374) the (cid:272)o(cid:374)tra(cid:272)t. 3)if its breached what are the remedies available. When people know there is a contract they provide a balance of freedom and certainty. Ca(cid:374)"t thi(cid:374)k of s(cid:272)e(cid:374)arios (cid:449)here a tra(cid:374)sa(cid:272)tio(cid:374) does(cid:374)"t have a contract law involved. Business: buying selling and leasing (is all covered by contract law) Governments: power under the constitution, government bound by contract law as the government is a unique entity . The (cid:272)ourt does(cid:374)"t like to i(cid:374)terfere (cid:449)he(cid:374) it (cid:272)o(cid:373)es to (cid:272)o(cid:374)tra(cid:272)t la(cid:449) a(cid:374)d (cid:449)a(cid:374)ts to keep it (cid:271)et(cid:449)ee(cid:374) the parties. But (cid:449)he(cid:374) it"s a (cid:272)o(cid:374)su(cid:373)er agai(cid:374)st a big cooperation , consumers need that extra protection (seen as a protection mechanism). Contract law is barely in statute law mostly on judge made law, common law and equity (fair alternative to contract law)