Commercial Law Notes
* IPAAC * Issues e.g. whether there was a breach of duty * Principles e.g. Breach if burden of harm was not great * Authorities e.g. Woods v Multi sport holdings ltd * Applications e.g. The burden of using helmets was significant * Conclusion e.g. there is no breach
Law of Contract
Terms of the contract * Express terms * Terms stated and agreed to by parties * In simple cases, terms stated in offer * Eg, $ reward for cat * Major commercial contracts require signs from both parties. * Contract contains most terms * But, only needs to be written when statute requires * Not necessarily written in 1 document. * Pre-contractual statements * If statement made during contractual negotiation is incorrect: * Breach of contract only if statement is term of contract. * 3 classifications i. Puffery (not K) a. Terms not taken seriously ii. Representations (not K) b. Statements which induce to contract, but not guaranteed. iii. Terms (K) c. Statements designed to be binding, guarantee of truth. * If terms breached, remedied for breach of contract. * However will depend on Intention * Oscar Chess v Williams [1957] * Intent to guarantee truth of statement? Term/representation * Defendant had no intent to promise truth * No greater knowledge than purchaser, neutral language. * Reasonable person would not expect guarantee. * Factors which determine intention to bind * Language used (promise etc) * Savage v Blakney (1970) * Seller gives estimate as answer to q * No breach of k due to being estimate only * Time of statement (has time passed since statement to agreement?) * Was it made in preliminary stage? * Content of
Law of Contract
Terms of the contract * Express terms * Terms stated and agreed to by parties * In simple cases, terms stated in offer * Eg, $ reward for cat * Major commercial contracts require signs from both parties. * Contract contains most terms * But, only needs to be written when statute requires * Not necessarily written in 1 document. * Pre-contractual statements * If statement made during contractual negotiation is incorrect: * Breach of contract only if statement is term of contract. * 3 classifications i. Puffery (not K) a. Terms not taken seriously ii. Representations (not K) b. Statements which induce to contract, but not guaranteed. iii. Terms (K) c. Statements designed to be binding, guarantee of truth. * If terms breached, remedied for breach of contract. * However will depend on Intention * Oscar Chess v Williams [1957] * Intent to guarantee truth of statement? Term/representation * Defendant had no intent to promise truth * No greater knowledge than purchaser, neutral language. * Reasonable person would not expect guarantee. * Factors which determine intention to bind * Language used (promise etc) * Savage v Blakney (1970) * Seller gives estimate as answer to q * No breach of k due to being estimate only * Time of statement (has time passed since statement to agreement?) * Was it made in preliminary stage? * Content of