Law of contract, commercial transaction, case law, agreement, privity of contract, rule of promissory estoppel, contract, Common law
The law of contract is a framework in which all commercial transactions from the smallest consumer purchase to the most complex business agreement are going to take place.
Contract law is essentially a case-law subject. Case law is all the decisions made by the court. There are very important because there is a rule that applies which is the rule of precedent.
[...] When there is a presumption is different because the burden of proof is reversed. It's possible to rebut the presumption (to prove that the presumption is not true). Another element to make a valid contract but not always necessary: the capacity to make a contract. In a general matter, all adults of sound mind have a full capacity to contract. Some people must be protected: minors → even though you are a minor you have to make contracts. You can make small contracts ex: buy drinks, sit in a cafe. [...]
[...] When there is a lapse of time. When there is no time limit, the offer lapses after a reasonable period of time. The notion reasonable is decided by the case of case pieces. The notion of consideration is a central notion of the English law of contract. A contract is an exchange. The parties to contract must always agree that they are going to do something for one another. They have to undertake. Sometimes each party is going to give something to another. [...]
[...] Ex: contracts will have to be made in writing to be valid. Each party to the contract must have the capacity to make an agreement. There are some people who by law do not have the right to make a contract. The consent of the parties must be genuine. It means that the consent doesn't have to be vitiated. Usually, only the parties to the contract can have rights and obligations under it. The rule of privity of contract. An agreement is made up of an offer followed by an acceptance. [...]
[...] They do not agree on the same thing. Mistakes can operate as a vitiating factor, only when the mistake is about the substance of the subject matter of the contract. It cannot be about the quality of the subject matter. In vitiating factors, there are lack of form duress/undue influence → duress is when there is a physical or economic pressure, undue influence is the abuse of a privilege position of influence mistake, there are 3 mistakes: a mistake as the nature of the subject matter mistake as the existence of the subject matter mistake as the identity of the other party, only when this identity was crucial for taking the decision misrepresentation → untrue statement which is made during the pre-contractual negotiations. [...]
[...] So, the company who makes the offer is making a tender. The person who makes an offer is called the offeror and the person who's the offer is made is called an offeree. Sometimes they might be a delay that is going to take place between the expression of the offeree acceptance and the knowledge of the offeror of the offeree's acceptance. The general rule is that the contract is formed at the time of the information of the offeror. [...]
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