BTC1110 Lecture Notes - Lecture 2: Mass Production, Ebay, Meeting Of The Minds
3 Aug 2018
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Chapter 2: introduction to the law of contract lecture 2. Evolution of the law of contract: cacl [2. 15] Law of contracts facilitated and concluded market transactions in 19th century. Mass production 20th century signalled gap between those with bargaining power and those without. Laws to protect the consumer came into play. Agreement between two or more parties whereby legal rights and obligations are set out to be enforced through courts. Formation essential elements enforceable by a contract. Missing elements means contract will not be enforced. May be oral, in writing, or be implied by conduct of parties. Referred to as a deed (formal contract) Must be in writing, signed, sealed and delivered. Express parties(cid:859) i(cid:374)te(cid:374)tio(cid:374)s a(cid:396)e e(cid:454)pli(cid:272)itl(cid:455) stated i(cid:374) te(cid:396)(cid:373)s. Example: purchase of a car, all terms are agreed to and signed in contract. Implied terms are inferred from conduct of party and surrounding circumstances. Example: hail a taxi, you agree to pay fare, and driver agrees to transport you.
