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Law Of Contract - Essay Example

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A contract is an agreement between two parties in which each party exchanges consideration in return for consideration from the other party. The writer of the paper "Law Of Contract" detailed discusses the different aspects of the conclusion of a contract…
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Law Of Contract
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Download file to see previous pages The terms of a contract determine the rights and obligations of each and every part of the contract. In other words, the terms are the basis on which the promises of a contract are carried out and it sets the standards of the contract. Chris Field states that before entering a contract, various statements must be made to induce the contract.
Since a contract involves the promises to exchange consideration, the parties to a contract are bound by the contract by the terms of the contract.
The terms of a contract can be stated expressly or implied. In other words, the terms of a contract can be stated in clear and defined terms. Typical examples of an express term include terms that are disclosed orally or in writing. Such terms are clear and definite. They can be acted upon with much more easily and in a clear and defined manner.
On the other hand, there are terms of contracts that are implied. This includes terms that are inferred by a reasonable person by observing the conduct of the other party or by comparing a party's action to the normal behavior or by statute.
Aside from classifying terms of contracts into implied and explicit, there is the classification of contracts based on their significance to the entire legal process. In this vein, there are conditions and warranties as well as intermediate terms. These classifications are based on the significance of the terms to the fundamental consideration and the significance of other related elements of the contract and the consideration of the contract....
Conditions The conditions of a contract are the important terms of the contract that affect the fundamental consideration that defines the contract9. The are vital elements of the contract that brings the contract into being and without it, the contract is fundamentally flawed. Conditions usually include the description of the subject matter of the contract10. In other words, the conditions are often the basis for the exchange of the main substance or essence of the entire contract. Failure to live up to the conditions of a contract will usually mean that the contract becomes non-existent and cannot be considered a contract anymore. A practical example of a condition is where Mr A offers a car to Mr. B for AUD10,000. The fundamental term of the contract or the condition of the contract involves a car and AUD10,000. Whereas Mr B is bargaining for a car, Mr. A is also hoping to get AUD10,00 from Mr B. So these two items form the basis of the contract and are the conditions for the contract. So conditions include the issues directly relating to the consideration that is being bargained for by both parties of a contract11. They are major matters which bind the parties into the contract for the primary purpose for which the contract was formulated in the first place. In Poussard V Spiers (1876), Poussard was engaged to perform in an opera in London that was to last for three months12. Poussard fell ill a few days before the opera was to begin and a different performer was contracted in her stead. A week later, Poussard became well and sought to take her place in the opera. It was ruled that her sickness led to a fundamental breach of the contract. In other words, her sickness made it impossible for her to discharge her fundamental role in the opera, ...Download file to see next pagesRead More
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