Published on September 23, 2014
Principles of Business Seminar: Introduction to Contract Law (2) Stage 2 Topic 12
Key topics / learning outcomes of this Seminar • Explain what a contract is • List the essential elements of a binding contract. • Demonstrate understanding of the limitations of 2 freedom to contract.
3 Activities • Introduction • Compare and analyse sample contracts • Barkers – case study • Conclusion
4 Sample Contracts What contracts have you brought?
5 Compare your contracts 1. Who are the offeror and the offeree in each contract? 2. Draw up a list of common clauses – i.e. those which appear in most contracts 3. Were any of the contracts negotiated? Or are they all standard terms and conditions? 4. In relation to the main common clauses, consider – why are these included? What purpose do they serve? Whose purpose do they serve? 5. Are there any clauses in the contracts which are surprising or you think unfair to one or other party?
6 Barkers for Dogs Case Study 1. What contractual provisions are required? 2. What risks or contingencies do they need to consider?
Summary A well drafted contract will: • Balance the interests of both parties • State each side’s obligations unambiguously • Anticipate potential problems • Allocate risk • Take into account relevant legal restrictions
End of Seminar Note: This recording is for your personal use only and not for further distribution or wider review. © Pearson College 2013
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