Common law emanates from a combination of sources, which include the Constitution, and international trade laws case law, equity and statutes. Contract law Legal doctrines hasve classified contracts law into categories of as expressed or implied, valid or voidable. 9 Implied contracts refer to those in which the initial formation (offer and acceptance) is accomplished through actionword of mouth which is protected in equity.
Expressed contracts, also known as written contracts, are those in which the terms and conditions are expressed either recorded in writing or by a word of mouth which are recognised and enforced at common law and in equity. Valid contracts refer to contracts that are entirely enforceable under Australian law. Valid contracts are legal in nature and abide by the rules of contract formation. Voidable contracts refer to those that maybe voided by the party aggrieved or enforced at the option of the party disadvantaged by vitiating factors.
are not enforceable under the currently constituted laws of the country. They are illegal in nature and Australian law discourages their usage in business as well as other public and private dealings. In order to best understand the sources of law in Australia, it is crucial to understand the governmental structure and the legal context[ML3]. This structure includes a number of regional governments; the Commonwealth and a special political and judicial relationship to the United Kingdom.
As a consequence, there are two sources for written law resulting from state and the federal courts as well as through regional and Federal Parliament. These courts provide the sources for the general rules of statute law. Indeed, it is only recently that statute law was first inculcated in the UK, giving rise to common law that is applicable in Australia. 10 (what does it mean? ) In order for contract law to be enforceable, as well as to meet the standards necessary for a valid contract, there are several conditions that must be met.
Contract formation must be based on the assumption that the elements of a valid contract are present, as well as the assurance that the contract is founded on an offer and acceptance and follows the current existent laws, among other factors, which will be further discussed in more detail in chapter two. 11 It is important to understand the sources of laws in Australia; not least because different sources of law have widely varying effects on the development of the law and its respective interpretation.
12 [ML4]Australian law indicates that common law, resulting from pure laws arising from multiple judicial backgrounds and court precedents, can easily define the countries' laws and their respective applications. [ML5] The main implication of the growing body of court precedents and legislation is the equally increased enhancement of contract law(? ). Its underlying doctrines have become increasingly significant and relevant as the basis for adjudicating contract breaches and compensation to injured parties. The impact of the various sources of law on their development and changes are significant.
In addition Additions to Australia's body of laws bring external influences from different countries, institutions and professional bodies into the country, which, in turn, leads to the increased refinement of Australia's laws and judiciary (Can you make it understandable? ). 14 More specific laws and mechanisms of enforcement boost the efficiency of legal and justice systems. Changes and advancements have taken place over time, with varying effects on body of laws, the interpretation and application. Developments have brought about changes and new ways of viewing contract law.
Issues dealing with acceptance and offers and the requirements for valid contracts are overriding facts that govern contract law. Over the years, developments and changes with respect to the sources of law have seen adjustments in the ways the courts treat common law. There has been an emergence of new perceptions of the mechanisms of acceptance and offer and new grounds for judging the rules of a valid contract. An agreement entered into between two or more parties constitutes a contract, and is usually made for the benefit for all of one of the parties. , two of the parties or all parties involved.
The agreement is binding, not least [ML9]because it is enforceable under the country's formal and informal laws[ML10]. 17 Chapter 2 presents an analytical review of the legal measures aimed at the protection of the commercial interests of parties businesses in the event of breach ofed contracts. Protecting the commercial and private interests of businesses when a contract is breached entails a distinctive analysis of various factors,18 such as the prevailing circumstances that prove[ML11] a contract to be incomplete, the commercial consequences of incomplete contracts and the intention to enter into a contract.