Australian contract and consumer law Contract law encompasses any laws or regulations directed toward enforcing certain promises. We all make contracts almost every day. Whenever we buy a coffee, do the grocery shopping, fill the car up with petrol or purchase a ticket for public transport we are entering into a contract.
The Contract law notes includes health-care-insurance receivables. The term does not include i rights to payment evidenced by chattel paper or an instrumentii commercial tort claimsiii deposit accountsiv investment propertyv letter-of-credit rights or letters of credit, or vi rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on or for use with the card.
The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper. A authenticated by a secured party ; B indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of the record; and C identifying the components of the obligations in reasonable detail.
A which secures payment or performance of an obligation for: A oil, gas, or other minerals that are subject to a security interest that: A to sign; or B with present intent to adopt or accept a recordto attach to or logically associate with the record an electronic sound, symbol, or process.
The term includes savings banks, savings and loan associations, credit unions, and trust companies. In this paragraph, "monetary obligation" means a monetary obligation secured by the goods or owed under a lease of the goods and includes a monetary obligation with respect to software used in the goods.
The term does not include i charters or other contracts involving the use or hire of a vessel or ii records that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card.
If a transaction is evidenced by records that include an instrument or series of instruments, the group of records taken together constitutes chattel paper. A proceeds to which a security interest attaches; B accountschattel paperpayment intangiblesand promissory notes that have been sold; and C goods that are the subject of a consignment.
A the claimant is an organization; or B the claimant is an individual and the claim: A traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or B traded on a foreign commodity board of trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer.
A is registered as a futures commission merchant under federal commodities law; or B in the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law.
A to send a written or other tangible record ; B to transmit a record by any means agreed upon by the persons sending and receiving the record; or C in the case of transmission of a record to or by a filing officeto transmit a record by any means prescribed by filing-office rule.
A an individual incurs an obligation primarily for personal, family, or household purposes; and B a security interest in consumer goods secures the obligation.
The term includes consumer-goods transactions. A identifies, by its file numberthe initial financing statement to which it relates; and B indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement.
A a person having an interest, other than a security interest or other lien, in the collateralwhether or not the person is an obligor ; C a consignee. The term does not include investment property or accounts evidenced by an instrument.
The term includes mortgages and other liens on real property.Mutual Assent; Offer; Acceptance; Unilateral Contracts; Consideration; Statute of Frauds; Policing the Bargain; Damages; Contract Interpretation; Performance and Breach.
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The Contract Law comprises of laws and regulations that direct the enforcement of certain promises.
It deals with various types of contracts, enforceability, breach and remedies. A Contract needs three essential elements in order for it to be valid and enforceable.; Offer (or Proposal) and Acceptance; Terms of Contract; Consideration; Intention to create legal relations.
Contractual relations are between individuals, and therefore contract law is a form of civil law. The dominant source of contract law is common law, whereby the previous decisions of the courts form part of the current law.
These notes include a summary of the following topics: Formation of a contract, Scope and content, Avoidance (includes, misleading & deceptive conduct, duress etc), Performance and termination, Remedies & Equitable remedies. Secondly, it should be noted that Contract law is largely based on judicial decisions (Judge made law) rather than in a single statute or code – although in some areas affecting contract law (for example Sale of Goods) and more recently Consumer Protection, legislation plays a major role.