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WHAT IS A VALID CONTRACT? ...
FORMAL & SIMPLE CONTRACTS
A formal contract is a written contract that must satisfy special requirements (form). ...
A simple contract is any contract that is not a formal one. ...
ESSENTIAL ELEMENTS OF APPARENT CONTRACT
Three essential elements that suggest an apparent contract:
1. ... Consideration something of value is exchanged
ADDITIONAL ELEMENTS OF A CONTRACT
Three other essential elements if absent the apparent contract is invalid:
4. ... Legality of objectthe purpose of the contract was not illegal.
Invalid contracts
If even one of six elements is missing apparent contract may be:
void ab initio no legal effect from beginning
voidable valid until rescinded (terminated)
unenforceable technical defect that stops it from being enforced
illegal apparent contract breaches statute or common law. ... Through formation express or implied
Contract can be stated in words (express) or indicated by conduct (implied). ...
LIMITS ON RIGHT TO SUE FOR BREACH OF CONTRACT
Jurisdiction Formal contract Simple contract
New South Wales 12 years 6 years
Victoria 15 years 6 years
Queensland 12 years 6 years
South Australia 15 years 6 years
IMPACT OF LEGISLATION ON CONTRACT LAW
Many common law rules have been changed by statutes. ...
IMPORTANCE OF LEGAL INTENTION
An agreement cannot qualify as a legally enforceable contract unless parties intended that it would create legal relations. ...
Two common law presumptions
If agreement is domestic (family or relatives) or social (friends or acquaintances) usually no intention to create legal relations. ...
TWO COMMON LAW PRESUMPTIONS
DOMESTIC AGREEMENTS
Agreements between husbands and wives not legally separated likely to lack legal intention.
Approximate Word count = 1227
Approximate Pages = 4.9
(250 words per page double spaced)
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