Offer and acceptance Intention Consideration Capacity ... AWS

Business Law Contract Law Contracts need not be written (written, verbal, neither) Must be legally enforceable Illegal actions supersede supposed contracts “These facts are not contract in the eye of the law” A contract is an agreement between two or more parties under which legal rights and obligations are created such that these may be enforced, if necessary, in the courts. Law is civil or criminal: Plaintiff (Burden of Proof, balance of probabilities) v Defendant (Paid for by Plaintiff) and Appellant (BoP as above, appellant lost original case) v Respondent (Appellant) are civil; State (Crown) (BoP, beyond reasonable doubt) v Accused (Taxpayer’s money) is criminal. Contracts facilitate planning by offering certainty and stability AND allocate risk between the parties where there is a long-term relational contract.

Offer and acceptance Legality

Intention

Consent

Consideration

Capacity

An offer is a proposal by one party which is communicated to another person to enter into an agreement. If accepted, a contract is made. (Offeror makes and offeree/s has the option to accept/reject/counter-offer). Counter-offers are not acceptances; no negotiations can be made after acceptance. An invitation (to treat) is an invitation to a person/s to make an offer.