A contract is a legally binding promise (or series of promises); by ‘legally binding,’ we mean that the law will require the person making the promise (‘the promisor’) to keep that promise or to pay damages to compensate the person to whom the promise was made (‘the promisee’) for non-performance. Individuals make promises to family members and friends, promises are made in the workplace, suppliers and their customers make promises about the supply and acquisition of products and services, and political parties make election promises. Only some of these promises, however, are legally binding—and only some of those that are legally binding are contracts. A promise must in substance amount to an undertaking by the promisor that is provided in exchange for something desired in return from the promisee to give rise to a contract; for example, a promise by A to let B have her automobile if B pays A $10,000. The concept of ‘bargain’—I will do something if you do something in return—inherent in such pledges is the defining feature of a contract.
As stated, some commitments are legally obligatory even though they are not contractual in character. Thus, even if a promise lacks the aspect of a transaction, it may nonetheless give rise to legal rights and obligations if the promisee relied on it in circumstances where it would be unjust to enable the promisor to renege with impunity. This was established for Australia in Waltons Stores (Interstate) Ltd v Maher, which stated that “an equitable estoppel yields a remedy to prevent unconscionable conduct on the part of the party who, having made a promise to another who acts to his detriment, seeks to resile from the promise.”
The Importance of Contract Law in Australia
Contract law is significant because it underlies our society; without it, life as we know it would be impossible. This is because most commodities and services in countries like Australia are created and delivered through markets, and markets, at their core, are contracts.
Consider this issue from the perspective of a business: practically every transaction it will do will entail a contract, such as purchasing raw materials, leasing premises, hiring equipment, selling its products or services, and using banking and related systems to make or receive payments. Similarly, the majority of consumer interactions include the acquisition of products or services facilitated by a contract. As with businesses, it is difficult to think of many consumer transactions that are not of this sort.
Finally, while the majority of what governments do is based on an act of the relevant legislature, the services they provide are increasingly being privatized and delivered under the contract. This is compatible with Maine’s concept that progressive cultures advance from “status to contract.”
A career in Contract law in Australia
A contract lawyer typically works in civil litigation, which may require researching and comprehending firm policies, legislation, and ordinances. They may be asked to compose pleadings and legal opinions, consult with clients, and conduct interviews with individuals and organisations involved in specific situations. Contract lawyers may also be called upon to analyse the circumstances surrounding the creation of specific contracts, which may need the ability to understand dense, technical terminology with precision. Lawyers may be required to correctly define the terms and circumstances of contracts they establish as well as examine them.
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