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Consumer and Business Affairs Victoria (formerly the office of FT and BA) at 452 Flinders Street, Melbourne, telephone (03) 9627 6001. A contract, or agreement, between parties creates a mutual set of obligations to do or not to do certain things, which the parties are bound, at law, to carry out. To be valid a contract must consist of certain elements such as an offer an acceptance and in some jurisdictions, consideration. A contract is a legally binding agreement between two or more persons. For example, if you purchase any goods; if you engage a builder to carry out work on your house; if you enter into a credit sale or other credit agreement; if you order goods or machinery from a manufacturer, these are all types of contracts. The law of contracts is vital to the law, which affects consumers. It is a complex area and is governed both by the 'general law' - that is laws which have evolved from decisions made over the years by Judges in relation to contract disputes and secondly, 'legislation' or 'statutory law' - laws introduced by government. Examples of these types of statutory laws are the Trade Practices Act, the Fair Trading Act, Consumer Credit Code and the Contracts Review Act. Implied terms, which may include: – terms that are too obvious to mention (e.g. that the employee will not steal from the employer); – those necessary to make the contract workable (e.g. that a person employed as a driver must have a current driving licence) – although it is often better to write down such terms in any case; or – those that are the custom and practice of the industry. In the case of London Borough of Merton - v - Stanley High Leach (1985) 32 BLR 51 the following terms were implied: (i) There was an implied term that Merton would not hinder or prevent the contractor from carrying out its obligations in accordance with the terms of the contract and from executing the work in a regular and orderly manner.
Approximate Word count = 1309
Approximate Pages = 5.2
(250 words per page double spaced)
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