BLAW10001 Lecture Notes - Lecture 4: Peer Pressure, Fax, Halloween

• School: University of Melbourne
• Department: Business Law
• Course: BLAW10001
• Professor: Arlen Duke

Document Summary

Contract: legally enforceable agreement between two or more persons who are called the parties" to the contract. Contracts create legal obligations which consist of correlative rights and duties. Contractual rights and duties can be discharged by voluntary performance. If there is a failure to perform the contract, a breach of contract arises. A breach of contract is a "cause of action". A breach of contract provides the legal basis for bringing an action in court to enforce the agreement. Capacity to contract on legal responsibility sound mind and additionally arti cial persons such as corporations also have full contractual capacity. A contract can only be made by persons with the capacity to acquire legal rights and take. Those with undeniable capacity include adult persons (above 18 years of age) who are of a. Minors may also be bound by contracts for necessities" - food, shelter, transport to work etc for things that give a bene t.