INTRODUCTION Today's Thoughts to Ponder • How would Society function if there was no Contract Law? Would we actually survive? • Teaching • Tutors • Dr Ngozi Okoye nokoye@lincoln.ac.uk • Nathan Cooper nacooper@lincoln.ac.uk • Sara Checkley scheckley@lincoln.ac.uk • Sandhla Summan ssumman@lincoln.ac.uk Lectures will be delivered by Ngozi, Nathan and Sara in different weeks. Programme is available on blackboard. • Books etc. • Reading List is available on Blackboard • Recommended Books and Journals available under 'Learning Materials' Tab on Blackboard • Digitised Chapters are available in the Reading List on Blackboard • Seminar Worksheet includes Reading materials • Always use updated editions of books • Assessments • Blackboard • Contains a lot of information! • Read the Outline Syllabus, Learning Outcomes and the Teaching and Learning Document • Lecture PowerPoint Slides will be placed in the folder in 'Learning Materials' Tab Announcements will be made with regard to any information for you • • What is a Contract? • Types of Contracts • Contract Law Establishes Rules and Principles regarding: • Formation of Contracts • Enforceability of Contracts • Contents of Contracts • Setting Aside of Contracts • Frustration of Contracts • Performance of Contracts • Breach of Contracts • Remedies Role of Contract Law . . Role of Contract Law Contd.
• It informs parties of what they are expected to do as regards a contract • It specifies the interpretation of the contents of a contract • It clarifies what will happen if the contract is not performed • It encourages performance by establishing remedies in cases of breach • Example • Development of Contract Law • In the 19th Century, a concept of contract developed together with a body of legal doctrine- now called 'The Classical Law of Contract' • Based on both the decisions of the courts and the synthesis of those decisions by treatise writers • Characteristics of The Classical Law of Contract • Based on an 'exchange' of promises • Underpinned by the 'Freedom of Contract • Each transaction is viewed as 'discreet' • The role of the court is that of 'umpire' or 'arbiter' • Contractual obligations are based on what the parties 'agreed' at the time of contract • Freedom of Contract • Reflective of the dominance in the 19th Century of laissez-faire economic attitudes • As a result of increasing commercialisation, the thinking was to enable wealth creation by allowing business men regulate themselves • The courts only intervened to settle disputes • Parties were free to enter into a contract and free to decide the terms of the contract . . Current Position Modification of The Classical Law of Contract • HAVE YOU SIGNED THE REGISTER? SEE YOU NEXT WEEK!