Unit 1669: Contract Law Fundamentals

1. Introduction to Contracts

• Definition and purpose of contracts
• Essential elements of a valid contract
  • Offer
  • Acceptance
  • Consideration
  • Intention to create legal relations
  • Capacity
  • Legality
• Types of contracts
  • Bilateral and unilateral
  • Express and implied
  • Executed and executory
• Importance of contracts in business transactions

2. Offer and Acceptance

• Definition and characteristics of an offer
• Distinction between offer and invitation to treat
• Validity criteria for an offer
• Methods of acceptance
  • Express acceptance
  • Implied acceptance
• Communication of acceptance
• Revocation and lapse of offer
• Legal consequences of acceptance

3. Consideration and Capacity

• Concept of consideration in contract law
• Types of consideration
  • Executed and executory
  • Past consideration
• Rules governing valid consideration
• Capacity of parties to contract
  • Minors
  • Persons of unsound mind
  • Corporations
• Effect of lack of capacity on contract validity

4. Legal Intent and Legality

• Definition and importance of legal intent
• Presumptions about intention in social and commercial agreements
• Agreements without legal intent
• Legality of contracts
  • Illegal and unlawful contracts
  • Contracts contrary to public policy
• Effects and consequences of illegal contracts

5. Contractual Terms and Conditions

• Distinction between terms and representations
• Types of contractual terms
  • Express terms
  • Implied terms
• Classifications of terms
  • Conditions
  • Warranties
  • Innominate terms
• Exclusion and limitation clauses
• Impact of terms on contract enforcement and breach

6. Discharge of Contracts

• Meaning of contract discharge
• Modes of discharge
  • Performance
  • Agreement
  • Breach
  • Frustration
• Effects of discharge on parties
• Remedies available on breach

7. Contractual Interpretation

• Principles of contract interpretation
• Objective theory of contract
• Parol evidence rule
• Contra proferentem rule
• Techniques for interpreting ambiguous terms
• Role of context and intention

8. Remedies for Breach of Contract

• Types of breaches
• Legal remedies
  • Damages
    • Compensatory
    • Punitive
    • Nominal
    • Liquidated damages
  • Specific performance
  • Injunctions
  • Rescission
• Factors influencing remedy selection
• Limitations and defences to remedies