LAW 1509 Lecture Notes - Lecture 2: General Agent, Estoppel
29 Jun 2018
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COMMERCIAL TRANSACTIONS LECTURE MONDAY WEEK 2
Contracts usually have to be written down but not always the case
Sale of real property e.g. land, house cannot be agreed through unwritten contract
“An agreement or set of promises made between parties which carry the force of
law”
The word ‘reasonable’ often used to make ambiguous parts of law seem less so
Allocation of resources
Unilateral/bilateral contracts, formal/simple contracts, executory/executed contracts
If you find something that has a reward for finding it and you know about the
reward you get it if you didn’t know about the award you don’t get the reward
Contracts need to be in writing- credit, consumer leases, sale of land, deeds,
cheques. All others do not need to be in writing
If you sign a contract that you haven’t read you are bound by it unless in cases of
misrepresentation, if the document doesn’t look like it’s a contract. Promissory
estoppel- a promise made where they haven’t allowed you time for considering the
promise
Terms and Conditions are the same thing
Notice- a contract without signing e.g. pub that says no one under 18 that is placed
outside the pub, cannot be placed inside
Take reasonable steps to bring the terms of the agreement to attention
If you couldn’t read something in a contract if it wasn’t available in any other way
that you could read it the contract should be able to be voided
Making a contract- Consideration, intention, certainty, offer and acceptance
Invitation to treat- invitations to make offers or enter into negotiation
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Melissa Sparrow (a1668063)
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Contracts usually have to be written down but not always the case. Sale of real property e. g. land, house cannot be agreed through unwritten contract. An agreement or set of promises made between parties which carry the force of law . The word reasonable" often used to make ambiguous parts of law seem less so. If you find something that has a reward for finding it and you know about the reward you get it if you didn"t know about the award you don"t get the reward. Contracts need to be in writing- credit, consumer leases, sale of land, deeds, cheques. All others do not need to be in writing. If you sign a contract that you haven"t read you are bound by it unless in cases of misrepresentation, if the document doesn"t look like it"s a contract. Promissory estoppel- a promise made where they haven"t allowed you time for considering the promise. Terms and conditions are the same thing.
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