Contract Law

What Makes a Valid Contract?

Certainty of terms

Agreements must be specific, quantifiable and lawful – there must be no question as to what is on offer and what is required. Courts try to keep contracts in action, but this is impossible when a contract is ill-conceived in its fundamentals. A fundamentally flawed contract is declared void. Where a contract is declared void, everything that has changed hands is to be returned.

 

Uncertainty of terms

Uncertainty of terms is where any terms of a contract are vague, contrary, or are omitted. Courts try to reinterpret a contract and adjust its terms to make it commercially viable....

 

ORDER FOR FULL TEXT.

 

Illusory consideration

A contract is void if it is vague, or improperly conceived as to the payment (or equivalent fundamental rights) due to a party, in return for their fundamental obligations...

 

ORDER FOR FULL TEXT.

 

 

Written by Andrew Pingree. All copyright, 2014-2016 vests in Civilaco Pty Ltd.

Commercial Intelligence - investigative solutions for Geleong, Melbourne and western Victoria
Australian Legal Education - training in law basics for small business