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Reasonableness and responsibility: a theory of contract law. Law and philosophy library. Dordrecht: Springer. ISBN 978-94-007-4604-6. Vadi, Valentina (2018). Proportionality, reasonableness and standards of review in international investment law and arbitration. Elgar international investment law.
The purpose of expectation damages is to put the non-breaching party in the position it would have occupied had the contract been fulfilled. [2] Expectation damages can be contrasted to reliance damages and restitution damages, which are remedies that address other types of interests of parties involved in enforceable promises. [3]
A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, [a] a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it ...
In contract law, there are established rules and principles for various issues concerning contract formation, such as cross offers, [5] awareness of offer, [6] notification of acceptance, [7] timing of acceptance, [8] and postal rule. [9] Power of acceptance is part of the contract formation analysis, and which concerns the validity of acceptance.
Meeting of the minds (also referred to as mutual agreement, mutual assent, or consensus ad idem) is a phrase in contract law used to describe the intentions of the parties forming the contract. In particular, it refers to the situation where there is a common understanding in the formation of the contract.
A legally binding contract is defined as an exchange of promises or an agreement between parties that the law will enforce, and there is an underlying presumption for commercial agreements that parties intend to be legally bound (Contracts 2007). In order to be a legally binding contract, most contracts must contain two elements:
However, a court will attempt to give effect to commercial contracts where possible, by construing a reasonable construction of the contract (Hillas and Co Ltd v Arcos Ltd [10]). Courts may also look to external standards, which are either mentioned explicitly in the contract [ 11 ] or implied by common practice in a certain field. [ 12 ]
Section 35 of the Contract and Commercial Law Act 2017 similarly provides for damages in cases of both innocent and fraudulent misrepresentation in New Zealand. [128] In assessing remedies for an innocent misrepresentation, the judge takes into account the likelihood a party would rely on the false claim and how significant the false claim was ...