1 Introduction

Question 1

What is Anson’s definition of Conract?

Answer 1

‘That branch of law which determines the circumstances in which a promise shall be legally binding’.

Question 2

What is Treitel’s definition of Contract?

Answer 2

‘An agreement giving rise to obligations which are enforced or recognised by law’.

Question 3

Which 2 doctrines do Adams and Brownsword believe guide the modern law of Contracts?

Answer 3

1. Market Individualism

2. Consumer Welfarism

Question 4

In what 3 ways do Standard Form Contracts favour the stronger party?

Answer 4

1. They maximise the protection of its own interests
2. They minimise its own liability to the other party
3. They avoid legal control

Question 5

What are the 5 areas of Contract Law?

Answer 5

1. Formation (Agreement)
2. Enforceability (Consideration, Formalities, Promissory Estoppel)
3. Vitiating Factors
4. Contents
5. Remedies for Breach

Question 6

What are the Promise-Keeping and Will Theories?

Answer 6

Contract law is underpinned by promises and self-imposed obligations.

Question 7

What is the Reliance Theory?

Answer 7

Contractual obligations are aimed at ensuring that people are not made worse off by others’ reliance-inducing conduct - Atiyah.

Question 8

What is Welfare Maximisation?

Answer 8

Contract law incentivises efficient action and discourages inefficient action.

A free market allows resources to be moved to those who value them the most.