Australian Business Law Summary - 6492 Words

Topic 3: Contract Law *What is a contract? a legally enforceable agreement; that is, an agreement enforceable in a court *Types of contracts Number of parties: * Unilateral – one party (eg reward case) * Bilateral – two parties, both with mutual obligations * Multilateral – more than two parties, all with obligat0ions Form: * Simple Contracts: written; oral; part-written amp; part-oral * Need all elements of a contract , including consideration * If all elements present, enforceable unless written contract required and not present * Formal Contracts (normally ‘Deeds’): satisfy formality requirements (eg written, signed, sealed amp; delivered) * No need for ‘consideration’ (that is, mutual†¦show more content†¦emists (Southern)Ltd display of items on shelves = invitation to treat, because cashier always there amp; could stop sale Fisher v Bell: window display = invitation to treat BUT sometimes ads can be offers: Carlill v Carbolic Smoke Ball Co * a supply of information: Harvey v Facey * Mere puffery *Other circumstances -Vending machine = offer, accepted by insertion of payment -TENDERS: call for tenders = usually invitation to treat; Tender bid = usually an offer -AUCTIONS: Auctioneer’s call for bids = invitation to treat; Bid at auction = offer *Offer to the world at large: Any statement intended to be an offer to anyone reading it, can be an offer to ‘to the world at large’ Carlill v Carbolic Smoke Ball Co *Other matters regarding offers -Offer is only effective once communicated(until it was received) -Language need not be important, eg the word ‘offers’ will not necessarily be offers -If advertisement limits possible number of persons able to accept ‘offer’ then can be an offer -If rain checks are offered if supply runs out, can demonstrate intention to make binding offer to world at large, not merely invitation to treat *Possible responses to an offer: -Reject it terminates it (ends offer permanently) -Make counter-offer terminates original offer (Hyde v Wrench) -Ask for more information or clarification before making a final decision whether to accept (Stevenson, Jaques amp; Co v McLean) =gt;no effect on offer but offer will lapseShow MoreRelatedWho Will Enforce The Acl?1279 Words   |  6 PagesWho will enforce the ACL? The ACL is a single nation law. Australian federal, state and territory courts and tribunals can enforce the ACL. The regulators of the ACL include: †¢ The Australian Competition and Consumer Commission (ACCC). †¢ Each state and territory’s consumer agency. They are: o For the Australian Capital Territory - ACT Office of Fair Trading (OFT) o For New South Wales - NSW Fair Trading o For Northern Territory - NT Consumer Affairs o For Queensland - Office of Fair Trading QueenslandRead MoreQantas1498 Words   |  6 Pagespreviously out of the question, such as selling low cost carrier Jetstar or its highly profitable loyalty programme. Much of  Qantas  Airways  Limited’s future, however, is in the hands of the Australian Parliament, and whether or not it dismantles the 1992  Qantas  Sales Act to allow majority foreign ownership. 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