Contract Law : A review

Extraits

[...] I.e.: Contract involving illegal restraint of trade (create a monopole . ) -Impair family relationship. -Interferes with administration of justice: when you agree with someone so as to buy his testimony. -An Agreement cannot bind parties owing to certain laws: EX: Consumer protection legislation 5-Contract performance The contract performance is defined as the act of doing what is required by a contract, what is foreseen in the contract, and this releases the party form all his obligations. The performance discharges the person bound by the contract because he has done everything which was required in the contract. [...]

[...] For instance, oranges are sold for $ 2.60 and the next week for $ 2.65 per crate. But B wants to buy A his $ 1.60 oranges / crate ( As there were no unusual facts that had happened to explain the decreasing of the prices; B must have known there was a mistake. -Mutual mistake: sometimes it voids the contract and sometimes not. Both parties think the same with mistaking about the subject of the contract. The court will have to ensure that one of the parties has not been forced to enter the contract. [...]

[...] If it was, the Court will allow the plaintiff to recover special damages. Special damages is damage which is not normally flow for a simple breach of contract but that can be legitimately demanded as a direct consequence of the breach. The second test is certainty. The Courts also look that the special damages were certain. The dollar value must be quite well defined or certain. The certainty test assures that the plaintiff isn't asking for too much. It puts a limit on the consequential damages. iii. [...]

[...] I.e.: A wants red pipes but the contractor has installed blue pipes which worked actually as well as the red ones. Although B (the contractor) has breached the actual terms of the contracts of the contract, A cannot ask the Court to enforce B to replace red pipes instead. A can only recover damages for his material loss; in the actual example, there is no loss, no real damages and then no difference in value; A won't receive anything even if the contractor committed a minor breach : we talk about actual damages. [...]

[...] MODIFICATION Contracts can terminate as the result of subsequent agreement between the parties. Modification is when two parties to a contract, after it's been signed, enter into an agreement that changes the terms of the first contract, or even nullifies it all together. According to the common law, the termination of an ongoing contract, or a changing in its terms a party can receive an additional benefit to give up or change that which she is already untitled to under the primary contract ( Compensation for giving up initial contractual rights. [...]