Laws Of Obligation
What are the main categories of the laws of obligation ?
Contract Law, Tort Law and Equity
What are the core elements required in a contract in common law for it to be enforceable?
Intent to make legal relations
Certainty
Consideration
Offer and Acceptance
What are the main types of analytical contract theory?
Will Theory, Reliance Theory and Transfer Theory
What is the main idea expressed through Utilitarian approach to contract law?
That contract law exists to ensure the most efficient transactions between parties, providing security for performance and to maximise welfare/utility of society.
Contract law allows deferred transactions to exist, similar to the concept of 'detrimental reliance'
How do you establish tort liability in a case of negligence?
What is the main difference between Common Law and Civil Law requirements to have an enforceable contract?
Civil Law doesn't require consideration between the parties. Within civil law you can have a unilateral contract.
What are the vitiating factors that can make a contract void or voidable?
Unconscionable Bargain
Undue Influence
Duress
Mistake
Misrepresentation
Illegality
What is ONE objection to Reliance Theory
Remedies take a retrospective approach, in that they try limit the harm on the promisee by taking them back to the position they were in before the contract was undertaken.
Normally, remedies should try to be forward looking, to ensure that the promisee is in the best equivalent position they should be in if the contract was performed as per the agreed terms.
What does the rights based approach to contract theory claim?
What is the legal test for Tort law and the duty of care?
The but for test.
What are the main obligations within a Fiduciary relationship?
Their is a duty of loyalty so the trustee acts in the best interest of the beneficiary
Either through Performance, Cancellation via Serious Breach or Frustration.
Economic Theory of Contract uses this fundamental concept to evaluate contractual transactions.
Efficiency/Pareto Efficiency. The 'better off' the parties are, the more the general welfare of the parties increase, and so consequently the welfare of society as a whole.
What is a significant objection to Utalitarian contract theory?
Because of efficient interaction, breach of contract can be seen as the most efficient transaction, but this questions the morality of performance of the contract.
OR this can be summarised as 'unrealistic assumptions about human nature'
What are the main sources of Law within Sharia Legal Tradition?
Quran, Hadith, Sunnah
What is a core doctrine of Civil Contract Law that is not found within it's Common Law Equivalent?
Doctrine of Good Faith.
What are the kinds of damages that are available as a remedy for a breach of contract?
1. Nominative Damages
2. Liquidated Damages (damages are expressed in terms of contract)
3. Unliquidated Damages (unforeseeable damages as assessed by the court)
What is the core idea of Will Theory of Contract
What is a main concept underlying Rights Based approach to contract law?
Rights based theories regard contractual obligations not to infringe individual rights, and regard contract law as giving legal force to such obligations.
Contract law is therefore concerned with the duties that contracting parties owe to each other rather than any broader social goal.
Efficiency theory sees that implied terms increase efficiency of the transaction so promote overall welfare
When comparing Contract law to Tort Law, what is the main distinction that differentiates the two areas?
Contract law is a voluntary assumption of obligation, whereas in Tort Law obligations are imposed on the parties by the state.
Contractual Liability is strict except for two exceptions, what are those exceptions?
Frustration: When something before or during the signing of the contract makes it impossible to enforce the terms of the contract
Express Termination Clause:
What are the two main categories of Contract Theory and what are they attempting to answer?
1. Analytical Theory. These theories attempt to answer what happens when you enter a contract, and what a contract is. (Will Theory, Reliance Theory, Transfer Theory)
2. Normative Theory. These theories attempt to justify why we enter into a contract at all and the justification of that reason. (Utilitarian and Rights Based)
Promissory theories (will theory) and Transfer theories are Analytical theories that follow the same concept of the rights-based approach, how are the 'rights' different in each theory?
What is an unilateral contract within common law?
The contract is a 'promise of performance' and when the performance is initiated by the promisee, it becomes a bilateral contract.