Contractlaw合同法导论.pptxVIP

BU1112Business LawLecture - Module 2 Contract Law “Is My Agreement an Enforceable Contract?” Introduction The Law of Contract involves answering 4 questions: Is my agreement an enforceable contract? - Are all of the elements of a contract present. If so, what does it require me (and the other party) to do? - What “promises” have become terms of the contract. Can I get out of it (without paying some form of penalty)? - Was the formation of the contract defective in some way (ie were there any ‘vitiating elements’ present). If not and I want to terminate it anyway, how can I – and what penalties might I incur? - How can contract come to an end and what remedies are available to a party not in default. Module Outline Introduction to contracts. Types of contracts. Elements of contract: Offer; Acceptance; Consideration; Intention to be bound; Mutuality; Capacity; Legality. Contract An agreement which the law will enforce. Economic Significance of Contract Law Contract law is important because it affects almost all commercial dealings: all sale contracts; all employment contracts every service agreement every lease almost every transfer of property etc Different Legal Approaches to Contract In common law countries – contract law mainly consists of principles developed by the courts + some equitable rules + some statute. In civil law countries – contract law is codified and the role of the court is limited. Philosophy of Contract Law In common law countries the dominant philosophy is “classical contract theory” or “will theory”. It assumes that contracts arise from the exercise of free will and therefore should be enforced. Governments and courts should not interfere – they just provide the framework of the law. This theory is still accepted - but with modifications to protect the weaker parties in the contract. Requirements for Validity In most cases – contracts do not have to be written. They can be: written; partly written and partly oral; wholly