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BL - 04 - Contract Law (Continue)

The document discusses consideration in contracts, including the definition and classification of consideration. It also covers promissory estoppel, intention to create legal relations, privity of contract, and factors that impact the validity of a contract.

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minhanh.ivolunteer
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12 views

BL - 04 - Contract Law (Continue)

The document discusses consideration in contracts, including the definition and classification of consideration. It also covers promissory estoppel, intention to create legal relations, privity of contract, and factors that impact the validity of a contract.

Uploaded by

minhanh.ivolunteer
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Consideration

Definition
 Exchange of benefit
The benefit might be anything of value: price, money, money’s worth, service, goods
land, etc.

Classification
 Executory Consideration
Contractual promise which has been not yet performed
 Executed Consideration
Contractual promise which has been performed

Rules of governing consideration

It must not be in
the past

Part payment of
debt if not It must move Promises must be
sufficient from promisee made by promisee
consideration

It musr not be It must be


adequate sufficient
Promissory Estoppel (Compulsory promise)
 Bare/ gratuitous promise
- They are promise w/o consideration
- Usually not valid
 An equitable defence w/ a party may use when a contract has been gratiously varied for
their benefit & the other party seeks to enforce it in ites original form
- It must meet both legal and moral requirements

Intention to create legal relations (Ý định giao kết hợp đồng)


General Approach
 Parties to domestic or social agreement do not intend to be legally bound
 Parties to business agreement do intend to be legally bound

Privity of contract (Học thuyết về tính riêng tư của hợp đồng)


 Third party cannot sue
 Exceptions:
- Third party insurance
- Agency
- Trust
- No crown binding
- Asm of contractual right (uỷ quyền thực hiện hợp đồng)
- Collateral Contract
- Contract for benefit of a group (members of group can sue)

Legal validity of contract


Valid contract
 There is contract. All parties have to perform it
Voidable contract (Hợp đồng có thể vô hiệu)
 Contract exists, but innocent party may choice to perform or not to perform it
Void contract (Hợp đồng vô hiệu)
 There is no contract although parties may believe that there is one

Other factors impacting validity of contract


Absent of one of the following factor may make a contract void
 Genuine consent
- Misrepresentation (cung cấp thông tin sai sự thật)
- Mistake duress (Nhầm lẫn)
- Duress (bị đe doạ)
- Influence (bị ép buộc)
 Capacity
- Age
- Mental condition
- Intoxication
 Legality
- No violation of law

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