By definition, contract is a legally enforceable agreement associated with exchange of goods, services, money and property between two or more parties.
For the most part, contracts are thought of as being very formal documents written up with language that is difficult for the average person to read and much less understand.
However we may feel about contracts, we must not deny that they are a part of our everyday lives. Almost every aspect of what we do in modern life requires a contract today.
Take, for example, eating in a restaurant you get the menu, eat, then you get the bill; even the credit card you pay Contract law in australia essay that meal with is a contract and purchasing a plane ticket to see relatives which you probably also bought with a credit card.
These are both examples of common everyday contracts that normal, everyday people get themselves into without even really realizing it unless you don't pay for the meal, ticket, or credit card bill.
They do not think twice about it. They do not wonder what the ramifications are if they do not live up to their end of the bargain.
There is the old adage, which states something to the effect of: To be bound to an agreement or a promise normally means that some kind of consequence will follow if the promise is not kept. Knowing that some broken promises -- when breached -- can result in harsh consequences, the question therefore arises: What promises should the law enforce?
And, how should one know when he or she is breaking the law when he or she breaks a promise?
This is where the doctrine of consideration comes in. The doctrine of consideration was created with the purpose of allowing two parties to know -- without doubt -- that they were entering into a legally binding promise and that, with that legal promise, they were allowing the law to make sure that the contract is not ever breached.
In a perfect world, we wouldn't need the muddle of the doctrine of consideration. After all, it may befuddle some, questioning how the law can enforce some promises and not others.
The answer seems pretty clear -- at first. We wouldn't sue someone for not bringing something to the potluck dinner when they knew perfectly well that it was a potluck dinner. They stayed and they ate anyway, even though they didn't contribute anything.
We wouldn't sue because there would be nothing really to gain except for maybe someone not ever showing up to a potluck empty-handed ever again. However, when there is more at stake, this is when the doctrine of consideration comes in.
That means that the law must enforce those promises that are worth something as opposed to those that are really not worth anyone's time. In English contract law, which is the system in Australia, consideration is one of the three main components of a contract.
Consideration can be anything that is worth something -- whether it is a physical item or whether it is a service, which each side agrees to exchange if the contract is to be considered valid and legal.
That is to say that if only one side of the agreement offers something for consideration, the agreement is not considered a legally binding contract; it is invalid. To think about the doctrine of consideration in its more traditional form simply for understanding purposes, consideration is expressed as the requirement that in order for each side to be able to enforce a promise, they must have given something for it; this is known as "quid pro quo" in other words, everyone must bring something to the table; something has to be given -- or promised -- in exchange for a promise.
A contract must be "met with" or "supported by" consideration in order for it to be enforceable.
Another aspect is that only an individual who has given consideration can enforce a contract. That is to say that if an agreement is made up of a promise that isn't supported by consideration, then the agreement is not going to be a legally enforceable contract.
The lack of consideration is one reason for saying that the courts will not recognize a promise. Many believe that the doctrine of consideration still has its place in law today, while others do not. The main argument for consideration is that is offers a valuable service to law when it comes to determining which promises should be imposed and which are to be deemed unnecessary.
In the past, consideration was used to distinguish between binding promises and those that were simply viewed as gratuitous, on the basis of bargain style relationships, and to protect individuals from getting themselves into legally binding promises made in thoughtless or unintended ways e.
Because not all contracts can be enforced by a legal systemrules must exist to govern contracts and the parties going into them. The rules will help to identify which contracts are enforceable by law and which ones are not enforceable by law.
Consideration is the main part of what distinguishes gifts gratuitous legal acts from contracts. Consideration has four rules governing it: The term "consideration" simply means what a person must pay for the other individual's obligation. It is completely based on the idea of reciprocity.
The case of Curie v. Misa establishes the definition of consideration that is still used today.Contract Law Essays. The selection of contract law essays below have been submitted to us by students in order to help you with your studies.
Please remember to reference regardbouddhiste.com if you wish to cite any of these essays in your own work. • Eveready Australia Pty Ltd v Gillette Australia Pty Ltd OR Taco Company of Aust Inc v Taco Bell Pty Ltd (“objective test”) Australian Contract Law Essay Law of Contract II Semester 2, Word Count: A party’s right to terminate a contract arises from a particular type of breach of contract by another party.
The facts of. Australia, to date, has remained relatively immune from the controversies in contract law and theory which have agitated lawyers on both sides of the Atlantic in recent times.
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This free Law essay on Contract law - problem question example is perfect for Law students to use as an example. This free Law essay on Contract law - problem question example is perfect for Law students to use as an example. Tel: ; she had to decline a job in Australia offered by S & E. So, S & E wanted to sue her for .
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