contract law6.pptVIP

Lecture 6 Contract Law The Outline 1. Fundamentals of contract law Defining a contract Classifying contracts 2. Formation of contracts - elements of a valid contract 3. Laws governing the contract in different countries 4. Remedies for breach of contract under Anglo-American law Lecture 6 Contract Law Fundamentals of contract law Defining a contract? “A promise or set of promises, for breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.”---- Samuel Williston “is an agreement between two or more parties which creates an obligation to do or not to do a particular thing, and which is enforceable in law.” ---- Black’s Law Dictionary. “Contracts are binding agreements that have legal consequences and can be enforced in court.” ---- Calvi Coleman Classifying Contracts 1. Express contract V. implied contract - a contract in which the terms are stated by the parties - a contract that is inferred from the conduct of the parties 2. Bilateral contract V. unilateral contract - a contract in which the parties exchange promises to do some future act. - a contract in which one party acts immediately in response to the offer (promise). Lecture 6 Contract Law Classifying Contracts 3. Executory contract V. executed contract - a contract in which some or all of the terms are uncompleted. - a contract in which all the terms have been completed. 4. Valid, void, voidable, unenforceable contract Valid contracts: the usual contracts, which may be enforced by either party to the contract. Void contracts: such contracts have no effect from its beginning. Lecture 6 Contract Law Voidable contract: the contract is binding until it is disaffirmed or canceled by the party with the authority to do so. (which one party may at his option either enforce or not enforce) Unenforceable contract: the contract that meets the basic common law elements for contracts but lack