Week 1: Introduction and Theory
Week one of Contract A has been a very interesting. In this first week of material, there was the explanation of what exactly is a contract and the three major theories behind contract law. There was also an examination of the Australian Consumer Law, which was much needed clean of legislation that existed across the different jurisdictions.
Of the three types of contract law theory (classical, promise, consent) I was most familiar with the concept or idea of the promise theory as on a daily basis this form of contract is the one that we most often enter into. You could also understand the idea of the classical contracts, as it establishes private laws, but it wasn’t the theory that I most readily associated with contracts. And frankly I’m unsure why consent theory even exists as transfer of rights could easily be rolled into promise theory but obviously some more creative minds than mine believe that it is needed so it exists.
I enjoyed reading about the Australian Consumer Law, as it was a much needed refresh of varying state territory and federal legislation. Instead of several pieces of legislation per state which were all different, a single piece of legislation was created as a schedule in the Trade Practices Act at the Commonwealth level and the states and territories then bound themselves to that legislation in their own consumer legislation. As a result regardless of which state or territory you currently live in the warranties and express provisions allowed for in the legislation apply to all states and territories equally. This is beneficial to both the manufacturers and sellers as there is no doubt as to what their requirements are, and consumers have confidence in being able to make a purchase and know that they will be supported by the law if the seller is misleading or deceptive, engages in unconscionable conduct or presents unfair terms in the transaction.
All in all the first week of contract theory has been very engaging and I look forward to next week. I have no idea what Anthony would have thought that this subject would be boring.