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3425833
Law of Contract
Description
intro to law ch 4
No tags specified
law
contract law
offer
Mind Map by
Laura Tamás
, updated more than 1 year ago
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Created by
Laura Tamás
about 9 years ago
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Resource summary
Law of Contract
Sources
rules by contracting partners
decide themselves
general conditions (standardized rules that suit their interests)
eg: supermarkets
official rules
national
EU
limited competence
specific contracts/aspects
supranational
UN: CISG
Annotations:
Convention on Contracts for the International Sale of Goods
default/ mandatory
automatically applicable rules if no specific ones are made by the parties
declare void: if against law or morality
informal rules
inspiration for drafting
PECL
Annotations:
Principles of European Contract Law
Formation of a binding contract
intention to be legally bound
enforceable
reach a sufficient agreement
common law
consideration
gratuitious promises
need to be put in a notarial deed
UK: deed
unequal obligations
car for $10
why made?
what if unforceable?
if action made upon promise--> can be argued binding
social promises--> mostly unfoceable
offer
Annotations:
intend to result in a contract contain sufficiently definite terms to form a contract
revocation
differs per jurisdiction
DE:irrevocable for a period
acceptance
as it is dispatched : BINDING
protection of the weaker party
consumer protection
inform buyer
in writing
incapacity
minors
mentally ill
withdrawal rights
cooling-off period 14 days
contractual liability
contract during negotiations already binding
depends on jurisdiction
Content
interpretation
EU: intention of the promiser
UK: literal interpretation
how would a reasonable person with reasonable knowledge decide?
unfairness
procedural unfairness
did not form will freely
under threat
mistake
incorrect assumption
balance: what should they know/ be told
general condition
buyer cannot change contract
test substantive fairness
prohibited contracts
contrary to law/morality
not enforced
Remedies
Civil Law
claim of performance
doesn't abide: forced
objective impossiblity
eg laptop is stolen from me before i sell it
too big effort to perform: not forced
generic goods
claim delivery
nonperformance
only if responsible damages
force majeure
termination
DE: main obligation breached
Common Law
normally: damages paid
equity
claim for performance
land, work of art etc
generic goods
damages
eg: potato water
nonperformance
liable
except for implied condition
stadium burns down
terminate
"essential" part breached
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