Quiz (25 mins)

Question 1

Is the following statement correct? Please provide the relevant authorities and/or an explanation for your answer.

As a general principle, it is to be presumed that there is no intention to enter a contractual relationship between family members, but that there is such an intention in commercial transactions.

Please keep your answer around 150 words.

To complete this online activity, select 'Done' below (you will still be able to access the module again).

D. Optional exercise on equity

Section 38(4) of the Civil and Administrative Tribunal Act 2013 (NSW) provides as follows:

(4) The Tribunal is to act with as little formality as the circumstances of the case permit and according to equity, good conscience and the substantial merits of the case without regard to technicalities or legal forms.

Question: Does that mean that the Tribunal must apply the body of principles ‘developed by the Court of Chancery prior to 1873, as modified since by courts administering that jurisdiction’. Explain your answer.

Please keep your answer to between 30 to 100 words.

D. Optional exercise on equity

Question: Name three equitable causes of action or defences and two equitable remedies.

Please keep your answer to between 40 to 150 words.

D. Optional exercise on equity

Question: Provide a simple definition of a) the common law and b) equity.

Please keep your answer to between 70 to 200 words.

Scenario 2

A stall at the Glebe markets is selling a vase for $500. The market value of the vase is more like $150, which is what the same model sells for at two nearby shops. In two years the vase has not sold.

You are riding past on your bicycle when you spot the vase. You immediately like it and agree to buy it, however you don’t have the money on you. The stall owner completes the paperwork, which you sign, and then you go to find an ATM. On the way to the ATM, you see the same vase selling for $150.

You return and tell the stall owner that you are only willing to pay $150.

Question: How much are you required to pay the stall owner? Why?

Please keep your answer to between 40 to 100 words.

Scenario 1

A stall at the Glebe markets is selling a vase for $500. The market value of the vase is more like $150, which is what the same model sells for at two nearby shops. In two years the vase has not sold.

You are riding past on your bicycle as the stall owner is packing up. You lose control of your bicycle and crash into the stall, breaking the vase.

Question: How much are you required to pay the stall owner? Why?

Please keep your answer to between 40 to 100 words.

C. Introduction to contract law and classical contract theory

Question: Name one criticism of classical contract theory.

Please keep your answer between 25 and 50 words.

C. Introduction to contract law and classical contract theory

Question: What is classical contract theory, and what is the philosophy that underlies it?

Please keep your answer to 50 words.

C. Introduction to contract law and classical contract theory

Using a reliable resource, find a good explanation of what an ‘executory contract’ means. Write your own definition in the box below.

Please keep your answer to between 40 to 100 words.