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Contract Law

MODULE I. Three Branches in Great Britain and in the USA

Topic 1.4 Arbitration

Contract Law

Contract law, like so much law originating from England, is sometimes described in lengthy legalese diatribes, from which it is not easy to find a short, plain-language description. Consider, for example, the following definition we came across for "contract" in the Canadian Encyclopedic Digest:

"an agreement free from vitiating factors such as mistake or misrepre­sentation and constituted by the unconditional acceptance of an outstanding offer involving a reasonably precise set of terms between two or more contractually competent parties who intend to create mutual and reciprocal rights and duties that maybe the subject of judicial sanction if they are expressed in any required form, are free from the taint of illegality or immorality and are not subsequently discharged by law, by agreement, by breach or by sufficient supervening circumstances."

Clarification is necessary. In many jurisdictions, laws have been implemented which directly alter the common law. For example, the United States of America has a Uniform Commercial Code which codifies much of the contract common law, but also changes much of it. The contract common law still applies in the USA but only to the extent that it has not been changed by the Uniform Commercial Code or, in other words, it hardly applies at all! In Australia, Canada, England and New Zealand, laws have been enacted to change the rules of contract common law in certain areas. For example, contract common law recognizes all contracts whether they are written or verbal. But a Statute of Fraud has been adopted in many common law countries which requires a written document for some contracts (eg. land contracts). Consumer protection laws are in place in many jurisdictions as well. Therefore, what follows is the general rule of common law which applies only to the extent that it has no been changed by specific laws. Therefore, those readers with a real legal problem should be careful to make additional inquiries in their Town jurisdiction 1 verify to what extent, if any, statutes have altered the following summary о contract common law. In addition, the Case Books summaries are those outhit author only and may not convey doctrine which, to other readers, may have appeared important. Note also that case names may have been shortened.

TASK 1. Read the text.