Updating author: Olga Aikin

On this page:
Summary
Future developments
Practical example
Action point checklist
Key references
Questions and answers
The objective of the chapter on contracts
The importance of written terms
Implied terms
The contract as a compromise but with flexibility
Flexible contracts
The importance of the contract in disputes
Statutory provisions and the contract
Mistake, misrepresentation and illegality

Summary

4.1

• It is important for the contract terms to be in writing. (See 4.4 The importance of written terms)
• Terms may be implied if there are no written terms. (See 4.5 Implied terms)
• The contract can be seen as a flexible compromise between the needs of the parties. (See 4.6 The contract as a compromise but with flexibility)
• There can be difficulties in extracting the benefits from "flexible contracts". (See 4.7 Flexible contracts)
• The contract assumes great importance when the parties are in dispute. (See 4.8 The importance of the contract in disputes)
• Statutory provisions may be dependent on the contract terms. (See 4.9 Statutory provisions and the contract)
• Mistake, misrepresentation and illegality all affect the extent to which the contract can be enforced. (See 4.10 Mistake, misrepresentation and illegality)

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Future developments

4.2 There are no future developments.

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The objective of the chapter on contracts

4.3 This chapter is concerned with:

• the legal requirements for a valid contract;
• the way in which the contract can be documented;
• the key terms in the contract; and
• how the terms can be changed.