Business Law notes
... Law dut take reas care. ... Chapter 8 Forming a K Agreement must contain prmise must have been intended by parties to be legally enforceable in court of law. ... Valid – all elements are satisfied and enforceable by either party; Voidable – injured party can enforce or rescind K; Void – void ab initio (from beginning) no legal rights or oblig’s, neither party can enforce; Unenforceable – lacking procedural requirement to make it enforceable; Illegal – purp of K is contrary to statute or common law. ... Business or commercial agreements - Intention is presumed to exist unless the parties have clearly and expressly agreed otherwise. ... Not past unless the act was done at the request of the promisor in the way of business, and it was assumed that payment would be made (Lampleigh v. ... The law (Glasbrook Bros Ltd v. ... F Consideration must be possible of performance, eg physical impossibility G Consideration must be legal, breach of pub policy or civil law, no consid H Consideration must be definite, real and identifiable, not vague and indefinite, White v Bluett son’s abstaining from what he had no right to do was not good consid. ... English and Scottish Law Life Assurance Association [1909] Chapter 12 Step 4: Capacity of the Parties Normal, sane, sober, adult person has full capacity to K. ... This is a question of law for the P to establish (Bojczuk v. ... • At common law, Ks which are not binding unless ratified in writing and signed by infant include purchases of non-necessaries and trading Ks, though this position has been modified in the states and territories. ... Void Ks – In all states and the territories, at common law an infant is not liable on K to repay a loan, even if the loan has been given for the purchase of necessaries. ... The common law position has been modified by statute in all jurisdictions. ... Infants Ks in New South Wales In New South Wales the law relating to the Kual capacity of infants is regulated by the Minors (Property and Ks) Act 1970, which made two changes to the common law: It reduced the age of adulthood to eighteen, It introduced the concept of presumptively binding civil acts. ... Ks that go beyond the powers granted in the replaceable rules (acts ultra vires) will still be valid and enforceable under the Corporations Law (Cwlth). ... Mistake – mistakes of fact can render a K void (not mstake of law, judgement or quality), few mistakes will invalidate a K. ... Remedies At common law, the K is void ab initio. ... The following are generally excluded at common law, though remedies may exist under the Trade Practices Act and equivalent state and territory fair trading legislation: statements of law; statements as to future conduct or intention; statements of opinion; mere puffs; silence. ... Special r’ship must exist, person providing advice aware party seeking trusts them to exercise DoC, subj matter is serious or business nature, person prviding advice/info realise recipient intends to act on it, was reasonable for recipient to rely on info, person receiving adv suffered damage, monetary loss. ... 52(1) Misleading or deceptive conduct: prohibits Corps engaging in conduct that is or is likely to mis or decep, much wider application than misrep under common law. Misstates of law, opinion, intention or silence if it misleads or deceives. ... 51AA – conduct unconscionable win meaning of ‘unwritten law’ and applies to Amadio case to Bus V Bus disputes. ... 51AB providing that corp must not engage in conduct that is unconscionable to a business consumer. ... Chapter 14 Step 6: Legality of Object Void at common law by staute – term that attemps to exclude implied terms under TPA is void under s. ... Ks void at common law 1. ... Reasonableness is determined by: the geographic extent; the time period involved; the nature of the business and the activity being restrained; and whether the restraint is reasonable, both in the interests of the parties and the public. ... Representation is where it is to induce the offeree but it’s not part of the K, not actionable in law. If pre-contractually misleading or deceptive, action may be under statue law s. ... the courts, implied by courts to cure obvious omissions give K ‘business efficacy’ The Moorcock P unloaded cargo at D’s wharf, suffered damage, reasonable to expect D wld tak reas care to determine the river bed wld be safe while unloading. ... Chapter 17 Remedies for Breach of K Damages are a common law remedy and available to an injured party for breach of a condition, warranty or innominate term. ... There is a new implied D imposed by law on the party taking the benefit that they will pay a reasonable price for the work or services done. ... Chapter 18 – Sale of Goods 1: Formation and Implied Terms Inconsistency b/t TPA and state Act, Comm law prevails. ... 3,4 SoGs where ownership trans from S to B at time of K= executed K Agreement to sell where prop to be trans later date, condit fulfilled = executory K Condition/Warranty Caveat emptor – let buyer beware’ where common law rule unjust: • No reasonable opp for inspection, When buyer rely on special knowledge expert judgement. ... The TPA extends obligations to both the seller and the manufacturer who sell goods in the course of a business. ... 74 No equivalent under the old law, no comparison. ... 51AA – uncon conduct in gen terms, applies common law principles from Amadio.