Contract Law (LAWS4103) - Lecture Notes PDF

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Contract Law (LAWS4103) Lecture One Contract Law – Introduction to Indigenous Knowledges, perspectives and experiences  Legally binding: common legal phrase indicating that an agreement has been consciously made, and certain actions are now either required or prohibited. For example: a lease for an apartment is legally binding, because upon signing the document, the lessor and the lessee are agreeing to a number of conditions. Legally bound to something.  Legally non-binding: means that either patty can break off negotiations at any time. The parties can walk away without having signed a definitive agreement. Types of Contracts:  Sale of land, goods  Work and materials  Supply of services  Insurance  Employment  Tenancy  Construction  Mining, oil and gas Modern Contracts in the digital age (no physical contact made):  Buy festival, sports tickets online  Signup for online baking  Download music or software from the web  Order goods online  Sign up to Facebook, google, Instagram, twitter How does the law of contract apply to these modern ways of contracting? Why do we make contracts? Functions of Contracts:  Facilitate property transactions and the supply of goods and services.  Allow for planning in business, risk allocation and remedies.  Often provide dispute resolution processes for disputes arising out of the contract.  Security to know that you have legal remedies– stability  Guide

Functions of Contact Law 1. Support economic activity by providing certainty of rules and outcomes in commerce dealings. 2. A ‘default’ set of rules when parties do not make express provision for all matters. 3. Supports obligations by providing remedies when a party does not keep their side of the bargain. 4. Allows for private dispute resolution processes- outside the Court which are public institutions. Modern Contract Law: legal issues

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A right to compensation or to performance? Relationship with legal doctrines that protect against detrimental reliance on promises The overlay of legislation on the common law Harmonisation and uniformity of laws, domestic and international ‘Smart’ contracts (related issues being the legal nature and regulation of block chain and crypto-currency) – not a contract at all!! But there is no contractual relationship between parties.

Modern Contract Law: theory vs practice  A meeting of minds?  Equality of bargaining power?  Enforceability vs enforcement?  Freedom of contract?  Access to justice and the cost of legal proceedings?  Visualisation in contracting: graphics instead of words? The Common Law recognises three fundamental private law obligations: 1. The obligation to perform certain promises (The Law of Contracts) 2. The obligation not to harm others in certain situations (The Law of Torts) 3. The obligation to restore certain unjust gains (The Law of Unjust Enrichment).

A Broader Category of Private Law Obligations  Judge made law - Common law obligations (and remedies) Contracts, torts and unjust enrichment - Equitable obligations (and remedies) (law originating from courts of equity)  Parliament made law - Statutory Obligations (created by statutes, i.e. Acts of Parliament, State, Federal and Imperial Acts)

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