BLAW10001 Lecture Notes - Lecture 5: Australian Consumer Law, Parol Evidence Rule, Promise This

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

Document Summary

Term: particular agreed undertaking or promise made in circumstances from which it can be inferred that it was intended to be legally binding. Terms of a contract: entire contents of a legally enforceable agreement. Terms de ne the rights and duties of the parties and provide the yardstick by which performance of the contract is measure. Pu s to engage, attract or excite others in contracts. Exaggerated or obviously insincere statement made by a contracting party. Nothing of substance said in terms of legal contracts. Not promissory (only promises form part of a contract) Even if wrong, the expression of opinion does not create legal liability if inferred from the circumstances that the statement was intended to be a binding promise. Statement of fact made by one party when negotiating a contract. Such statements do not become terms of the contract unless it can be. This is so even if the statement induced the other party to enter the contract.