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Lecture Fundamentals of business law (6/e): Chapter 9 - Margaret Barron

Chapter 9 "Contract Law – Part 3". In this chapter you should understand: the tests that determine whether a statement is a term of a contract, the difference between a condition and a warranty, conditions precedent and conditions subsequent and be able to provide examples,. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 9- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Contract Law 3 Chapter 9 9- Introduction Once a contract has been made, assuming that all six essential elements are present, it may be necessary to consider in some detail the terms contained in the contract. These terms can be either express or implied. Terms can be enforced, but only by a party to a contract—this is the doctrine of privity. A contract can end or be terminated. 9- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Terms of a Contract The terms of a contract are its contents. They define the obligations of each party. Determining whether a statement or representation is a term in the contract can sometimes be difficult. The terms of a contract can be express or implied. 9- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Tests for Determining the Terms of a Contract Dependent upon: Time statement made. Form of statement. Reliance on special skills and expertise. Intention of parties. resulting in Mere representation Term of contract (collateral contract) 9- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Classification of Express Terms Term Significance Remedy if breached Condition Heart of the contract Rescission of contract and/or damages Warranty Of less importance Damages only 9- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Express Terms of Contract Statements (Made Throughout Negotiations) Resulting in Mere representation Term of contract No damages BREACH Damages Warranty Condition i.e. term | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 9- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Contract Law 3 Chapter 9 9- Introduction Once a contract has been made, assuming that all six essential elements are present, it may be necessary to consider in some detail the terms contained in the contract. These terms can be either express or implied. Terms can be enforced, but only by a party to a contract—this is the doctrine of privity. A contract can end or be terminated. 9- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Terms of a Contract The terms of a contract are its contents. They define the obligations of each party. Determining whether a statement or representation is a term in the contract can sometimes be difficult. The terms of a contract can be express or .