Preview

Nz Contract Law

Good Essays
Open Document
Open Document
81330 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Nz Contract Law
Formation of Contract

2

Offer ............................................................................................................... 2 Acceptance ................................................................................................... 4 Certainty ........................................................................................................5 Consideration ............................................................................................... 6 Estoppel ........................................................................................................ 7 Intention to Create Legal Relations ............................................................ 8 Third Parties: (1) Privity of Contract ...........................................................8 Third Parties: (2) Agents - in exam? ........................................................... 9 Contract Interpretation: General Approach ............................................... 10 Contract Interpretation: Implied Terms ...................................................... 10

Things that Go Wrong

11

Misrepresentation ........................................................................................ 11 Mistake .......................................................................................................... 13 Illegal Contracts ........................................................................................... 14 Frustration .....................................................................................................15 Incapacity ......................................................................................................16 Duress (common-law) .................................................................................. 17 Unconscionable Bargains (equity) ............................................................. 18 Undue Influence (equity)

You May Also Find These Documents Helpful

  • Powerful Essays

    Bus311 Business Law I

    • 2524 Words
    • 11 Pages

    In this paper, I will reflect on the operation of contracts. Business law shows how contracts may be classified in several ways depending on the manner in which they are created, expressed, or performed. I have learned a lot from this course and I will use that to help write this paper. In the following paper I will discuss the oral or written contracts; I will discuss express or implied contracts, and will discuss formal or simple contracts. I will also discuss the impact of the contracts in a business and show the true propose of contracts. I will show what is needed in a contract to be legally enforceable. I will discuss how a contract must contain the following six elements: an offer and acceptances, a mutual agreement, a consideration, a competent parties, and legality of purpose, and proper form. All of this will be discussed in depth in the following paper.…

    • 2524 Words
    • 11 Pages
    Powerful Essays
  • Powerful Essays

    Unit 5 P1

    • 3273 Words
    • 15 Pages

    Learners will consider rules for the formation of contracts and develop an understanding of the legal effect of each stage in negotiating a contract, up to and including the final agreement. The law on misrepresentation and the terms in contracts are explored. It is central to the unit that learners understand the meaning of express and implied terms in a contract. They will examine a contract or contracts to consider the use of key terms. For example, terms with respect to payment can be analysed and put…

    • 3273 Words
    • 15 Pages
    Powerful Essays
  • Powerful Essays

    1.Eagle Stores, Inc. borrows $5,000 each from EZ Loan Corporation, First National Bank, and Great Products Corporation. Eagle uses its "present inventory and any thereafter acquired" to secure the loans from EZ Loan and First National. EZ Loan perfects its interest on April 1, followed by First National on April 5. Eagle buys new inventory on April 10 from Great Products and signs a security agreement, giving Great Products a purchase-money security interest (PMSI) in the new inventory. On the same day, Great Products perfects its interest and notifies EZ Loan and First National. Eagle takes possession of the new inventory on April 15. On April 20, Eagle defaults on all of the loans.…

    • 1963 Words
    • 7 Pages
    Powerful Essays
  • Better Essays

    Scots Law of Contract

    • 1374 Words
    • 6 Pages

    All of the case studies are concerned with the Law of Contract, specifically the formation of a contract and the differences between an invitation to treat and a contract. We will investigate each consumers’s specific contract or lack thereof individually and advise Bruce on his legal position.…

    • 1374 Words
    • 6 Pages
    Better Essays
  • Good Essays

    TB11e 10

    • 31152 Words
    • 182 Pages

    3. The ________________ means that there are also responsibilities imposed on parties who commit to binding relationships in contracts.…

    • 31152 Words
    • 182 Pages
    Good Essays
  • Good Essays

    Gloria Smithson

    • 536 Words
    • 2 Pages

    What elements are necessary for a valid contract to exist? Define what constitutes a "valid offer." Evaluate each proposal and discuss whether each of the offers constitutes a valid offer. Why or why not?…

    • 536 Words
    • 2 Pages
    Good Essays
  • Good Essays

    The law on misrepresentation and the terms in contracts are explored. It is important that you understand the meaning of express & implied terms in a contract, considering the use of key terms e.g.terms relating to payment can be analysed as implied terms found in law and the remedies available for not following the terms of a contract.…

    • 1765 Words
    • 8 Pages
    Good Essays
  • Good Essays

    A. Legal Sufficiency 1. Adequacy 2. Unilateral Contracts 3. Bilateral Contracts 4. Illusory Promises a. Output and Requirement Contracts b. Exclusive Dealing Contracts c. Conditional Promises 5. Pre-existing Obligation a. Modification of a Pre-existing Contract b. Substituted Contracts c. Settlement of a Undisputed Debt d. Settlement of an Disputed Debt B. Bargained-For-Exchange 1. Past Consideration 2. Third Parties C. Contracts without Consideration 1. Promises to Perform Prior Unenforceable Obligations a. Promise to Pay Debt Barred by the Statute of Limitations b. Promise to Pay Debt Discharged in Bankruptcy c. Voidable Promises d. Moral Obligation 2. Promissory Estoppel 3. Contracts under Seal 4. Promises Made Enforceable by Statute a. Contract Modifications b. Renunciations c. Firm Offers…

    • 1728 Words
    • 7 Pages
    Good Essays
  • Satisfactory Essays

    Common Law Contracts

    • 390 Words
    • 2 Pages

    Yes, common law contracts also apply to the scenario. Article 2 only covers tangible items, and everything else is than governed by common law contracts. An example is Grocery Inc 's contracts with vendors are covered by the UCC because the involvement of the sale, but a vendor or an individual who stocks the shelving themselves (performing a service) would be covered under common laws.…

    • 390 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Business Law

    • 429 Words
    • 2 Pages

    Question 1: What are the “two greatest contributors” to contract disputes? Why is it a good idea to use plain English instead of legalese when drafting a contract? What is a “letter of intent? ” What might be included in a letter of intent to avoid future disagreements over the legal effect of the letter?…

    • 429 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Bill Contract Law

    • 663 Words
    • 3 Pages

    The process of turning a bill into a law is probably one of the most complicating processes. The process of making a bill is a successive procedure which is not just adding a few rules to a paper and calling it a day. Before a bill is made they have to make sure all the rules are constitutional and does not infringe people's rights. Tis’ a stressful job to vote on a rule that some people could like and others could decide. The bill must first get passed in both houses of congress by majority ,than it gets sent out to the president and he can choose to pass it or veto it. If the president does sign the bill the bill will become a law; however if he doesn't it's U-Turned back to congress for another vote of the bill, this is where article V of the constitution proposes a Two - Thirds majority vote which allows a bill to pass without the signature of…

    • 663 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Business Law Chapter 7-9

    • 809 Words
    • 4 Pages

    2. What are the four basic elements necessary to the formation of a valid contract?…

    • 809 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Business Law Plan

    • 506 Words
    • 3 Pages

    Furthermore, I will explain how to determine the formation of a contract (conditional acceptance will not form an agreement).Then state the status as a term. Moreover, in the main body, I will generally talk about what are the terms of the contracts. Also, I will state the effect of signing a document.…

    • 506 Words
    • 3 Pages
    Satisfactory Essays
  • Better Essays

    It is extremely important to remember that before you can claim any merit tasks for your final award in this unit, you need to have completed all of the pass tasks. This is the same for the distinction tasks – you need to complete the merit tasks before you can claim a completed distinction task.…

    • 1930 Words
    • 8 Pages
    Better Essays
  • Powerful Essays

    alternate dispute

    • 11788 Words
    • 48 Pages

    The legal capacity to enter into an agreement. 5.3 The agreement must be made in writing. 5.3.1 Summary. 5.4 It must arise out of a defined Legal Relationship.…

    • 11788 Words
    • 48 Pages
    Powerful Essays