Business Law: Contract Law

This guide is specifically designed for students studying the legal aspects of business, management and accounting. It contains resources about case law, legislation and the legal environment in which businesses operate.

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Introduction

Contract Law provides certainty in commerce, by regulating the start, finish, terms and expectations of transactions. Contract Law defines the rights of the parties, and asks what are the obligations of the parties.

The Dictionary of Law (Jonathan Law and Elizabeth A. Martin) defines a contract as “A legally binding agreement. Agreement arises as a result of offer and acceptance.”

A number of requirements must be satisfied for an agreement to be legally binding.

  • there must be an agreement between the parties
  • that agreement must be supported by legal consideration
  • the parties involved must have the legal capacity to enter into contracts
  • the parties must genuinely consent to entering into the contract
  • the parties must have intended to become bound by their promise or agreement
  • the subject matter of the contract must be sufficiently clear and comprise terms that allow the agreement to operate, and
  • the subject matter of the contract must not be prohibited by law.

CCH Commentary: Contract Law in Context (online book) [¶1-160] The requirements for a legally binding contract.