Business law Literature & Language Essay Research Paper (Essay Sample)

Victoria University
College of Law and Justice
Business and Company Law
BLO5540 (Sydney)
Student Name
Semester 1, 2020 Assignment
QUESTION (1).
Express and Implied terms of a contract
A contract is an expression by a party that they will be bound by what they promise. These promises set out the obligations of the parties. When disputes arise, the court will determine the intentions of the parties and the breach. Express terms can either be oral or in writing. The courts have developed rules on how to interpret these expressed terms. Implied terms in a contract can be divided into four groups: terms implied in fact; terms implied in law; terms implied by custom; and terms implied by trade usage (Elliott, Frances 2009}.
According to Elliott, Frances (2009) in oral statements the court adopts the following guidelines to identify the intentions of the parties; firstly, the court will analyze whether the statement was relied upon. Secondly, courts regard most of the statements made by an expert than a layperson. Thirdly, in general, the more time that elapses between the statement being made and the contract is concluded, the less likely the courts will regard the statement as a term. Fourthly, the court analyzes the written contract and any representation made before.