Business andLecture

Corporations
1: The Importance of Business Ethics
Law
HI 6027

Comparative
Business Ethics and
Social Responsibility

HC2121
Lecture 2: Introduction to Contract Law & Formation of a Contract
 Lecture 2: Introduction to Contract Law & Formation of a Contract

The structure of this lecture is as below:

Contracts

Intention to create legal relations

Agreement between the parties

Consideration
 Lecture 2: Introduction to Contract Law & Formation of a Contract

Learning outcomes

After completing this lecture, you will be able to:

Provide a
definition of what a
contract is under
common law
 Lecture 2: Introduction to Contract Law & Formation of a Contract

Learning outcomes

After completing this lecture, you will be able to:

1 2
Provide a Recognize the
definition of what a difference between an
contract is under agreement and a
common law legally enforceable
contract
 Lecture 2: Introduction to Contract Law & Formation of a Contract

Learning outcomes

After completing this lecture, you will be able to:

1 2 3
Provide a Recognize the Understand the
definition of what a difference between an elements that need to
contract is under agreement and a be in place for the
common law legally enforceable formation of a contract
contract
 Topic 1: Contracts

Study of contract law

The study of contract law involves an examination of common law principles and
the extent to which they have been affected by legislation.

Contract Law

Examination of
common law
principles
 Topic 1: Contracts

Study of contract law

The study of contract law involves an examination of common law principles and
the extent to which they have been affected by legislation.

Contract Law

Examination of
Impact of
common law
legislation
principles
 Topic 1: Contracts

Contracts are a Example

fundamental part of
people’s daily lives
and form the basis of Contracts
commercial law
 Topic 1: Contracts

Contracts are a Example

fundamental part of
people’s daily lives
and form the basis of Contracts
commercial law
 Topic 1: Contracts

Contracts are a Example

fundamental part of
people’s daily lives
and form the basis of Contracts
commercial law
 Topic 1: Contracts

Contracts are a Example

fundamental part of
people’s daily lives
and form the basis of Contracts
commercial law
 Topic 1: Contracts

Agreement Contract
 Topic 1: Contracts

Agreement Contract
 Topic 1: Contracts

Agreement Contract
 Topic 1: Contracts

Promise

Agreement Contract
 Topic 1: Contracts

Promise

Agreement Contract

Legal intention
 Topic 1: Contracts

Promise

Agreement Contract

Legal intention
 Topic 1: Contracts

Before a contract can be in place four things need to exist

 Topic 1: Contracts

Before a contract can be in place four things need to exist

1 Understanding of what a contract is

 Topic 1: Contracts

Before a contract can be in place four things need to exist

1 Understanding of what a contract is

2 Intention to enter an agreement

 Topic 1: Contracts

Before a contract can be in place four things need to exist

1 Understanding of what a contract is

2 Intention to enter an agreement

3 Agreement is an offer to go into a contract

 Topic 1: Contracts

Before a contract can be in place four things need to exist

1 Understanding of what a contract is

2 Intention to enter an agreement

3 Agreement is an offer to go into a contract

4 Consideration is what you’re offering in a contract

 Topic 1: Contracts

Steps for creation

Intention No contract to be formed

+
Agreement No contract to be formed

+
Consideration No contract to be formed unless
agreement is made under seal
= Contract