12th Grade Contract Law Lesson Plan Example (Law)

Topic:\\-Explained in detail with examples and mcq test

Topic: Contract law

Objectives & Outcomes

• To understand the basic concepts of contract law and how it applies to everyday life

Highlights

• Basic principles of contract law and the different types of contracts
• The rights and responsibilities of parties in a contract
• The voidability of contracts and the remedies available for breach of contract
• Examples and mcq test

 

Contents

• Introduction to contract law
• Basic principles of contract law
• The different types of contracts
• The rights and responsibilities of parties in a contract
• The voidability of contracts and the remedies available for breach of contract
• Examples and mcq test

 

• Introduction
• Basic principles of contract law
• The different types of contracts
• The rights and responsibilities of parties in a contract
• The voidability of contracts and the remedies available for breach of contract
• Examples and mcq test

 

Introduction

• Contract law is a legal framework that regulates the rights, responsibilities, and conduct of parties in a contract.
• It sets out the basic principles governing the formation, interpretation, and enforcement of contracts between two or more parties.
• By studying contract law, students will gain a better understanding of how it applies to everyday life and be able to identify and protect their rights and interests when entering into a contract.

Basic principles of contract law

• There are three basic principles of contract law, namely:
• Intent
• Consideration
• Capacity
• These principles are essential in establishing an enforceable contract between two or more parties.
• A contract is an agreement between two or more parties that is enforceable by law.
• There are three main types of contracts, namely:
• Negotiating contract
• Contract by action
• Contract by representation

The

Topic:

Topic: Contract law

Objectives & Outcomes-To understand the basic concepts of contract law and how it applies to everyday life

Highlights

• Basic principles of contract law and the different types of contracts
• The rights and responsibilities of parties in a contract
• The voidability of contracts and the remedies available for breach of contract
• Examples and mcq test

Contents

• Introduction to contract law
• Basic principles of contract law
• The different types of contracts
• The rights and responsibilities of parties in a contract
• The voidability of contracts and the remedies available for breach of contract
• Examples and mcq test
• Introduction
• Contract law is a legal framework that regulates the rights, responsibilities, and conduct of parties in a contract.
• It sets out the basic principles governing the formation, interpretation, and enforcement of contracts between two or more parties.
• By studying contract law, students will gain a better understanding of how it applies to everyday life and be able to identify and protect their rights and interests when entering into a contract.
• Basic principles of contract law
• There are three basic principles of contract law, namely:

INTENT

• An agreement between two or more parties that is enforceable by law is known as a contract.
• There must be an intention to create a legal obligation between the parties to a contract, and it must be mutual.
• It is not enough that the parties intended to enter into a contractual relationship; they must also have a valid purpose or objective in mind.
• A contract is a promise or set of promises that is enforceable or capable of being enforced by law.
• For a contract to be valid and enforceable, the parties must have the legal capacity to contract.
• The parties to a contract must have the ability to understand and communicate their intentions, and to give and receive consideration for their promises.
• Consideration
• Consideration is a benefit, detriment, or obligation that provides the basis for the formation of a contract.
• It is the price one party to a contract must pay to the other party in exchange for the promise in a contract.
• The consideration for a contract may consist of an act or promise or a benefit, detriment, or any other detriment.
• Capacity
• The parties to a contract must have the legal capacity to contract, i.e. be of the age of majority and of sound mind.
• Unless there is a valid excuse, the law will not enforce a contract if either of the parties lacked the capacity to contract at the time the contract was entered into.
• The law recognizes that minors (persons below the age of majority) lack the capacity to contract. Consequently, contracts entered into by minors are voidable at the option of the minor.
• However, if a minor enters into a contract for

necessaries, the minor cannot avoid the contract. Necessaries are goods or services that are necessary for the minor's health, safety and welfare, and are of a kind commonly supplied to minors of the same age and circumstances.

• The law also recognizes that a person of unsound mind lacks the capacity to contract.
• A contract entered into by a person of unsound mind is voidable at the option of the person with the unsound mind.
• However, a person with an unsound mind may bind himself or herself by a contract for the purchase of necessaries, if the contract is for a reasonable amount and is for goods or services that are necessary for the person's health, safety or welfare and are of a kind commonly supplied to persons of the same age and circumstances.
• The parties to a contract must have the capacity to carry out the terms of the contract.
• If either of the parties lacks the capacity to perform, the contract is voidable at the option of the party with the incapacity.
• However, a contract for the purchase of necessaries may be binding on a party with an incapacity if the contract is for a reasonable amount and is for goods or services that are necessary for the person's health, safety or welfare and are of a kind commonly supplied to persons of the same age and circumstances.
• A contract is a binding, legal agreement between two or more parties that is enforceable by law.
• For a contract to be valid and enforceable, the parties must have the legal capacity to contract, and there must be consideration for the promise or promises in the contract.
• The rights and responsibilities of parties in a contract
• The rights and responsibilities of the parties in a contract are determined by the terms of the contract and the law.
• There are two types of terms in a contract, namely:

STRIKING TERMS-

• These are terms that are readily apparent or can be reasonably inferred from the circumstances.
• STRIKING TERMS may be implied or express.
• Express terms are expressly stated in the contract.
• Implied terms are implied by the law to be a part of the contract, even though they are not expressly stated.
• The law implies certain terms into contracts to ensure that the parties have minimum protection and that the interests of the parties are balanced.
• The implied terms include:
• Good faith: Parties must act in good faith and not deliberately to deceive or cheat the other party.
• Fair dealing: Parties must act honestly, fairly, and with reasonable candour.
• Cooperation: Parties must co-operate with each other to achieve the purpose of the contract.
• Consideration: Each party must give something in exchange for something else, or for the promise to do something.
• Exculpatory clauses: These clauses exempt a party from responsibility for any damage or loss