Business Law Concentrate 3e Resources is no longer available and it was replaced by Business Law Concentrate 4e.
Chapter 4 Key facts checklists
Chapter 4 Key facts checklists
Contract III: contractual terms and statutory protection
- The parties to a contract may express terms and/or terms may be implied. The sources and effects of implied terms are essential to the rights of the parties and obligations imposed on them.
- Terms can be implied through the courts, through customs, and from statute.
- Terms are identified as conditions, warranties, or innominate – this distinction is relevant when identifying the remedies for breach.
- A party may seek to limit or remove a liability that would otherwise exist through use of an exclusion/limitation clause. The rules of incorporation must be applied along with how statute restricts the use of unreasonable exclusion clauses.
- Statutes regulate the rights and obligations applicable to consumers and traders.