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.
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