THE COMMERCIAL LAW

Running head: COMMERCIAL LAW
COMMERCIAL LAW
Name of the Student
Name of the University
Author Note

1
COMMERCIAL LAW
Consider the types of terms of contracts – express, implied and statutory -
with references to cases and legislation
Contracts and agreement both are very familiar terms in cases of dealing. However,
both poses similar qualities but all contracts are agreement but it is not necessary that all
agreement will reach the stage of the contract. This is due to the fact that agreements that are
enforceable by law can be termed as a contract. Therefore, contracts can be classified as those
agreements upon which some legal obligation is imposed. In other words, agreements that are
valid in the eyes of law are those that comply with a few legal terms and exceptions. The
question in this regard is at the time an agreement can be considered to be legally binding,
that is when can an agreement can be termed as a contract. It can be said that an agreement to
be enforceable by law must fulfill the following requisites, they are: there should be an offer
made by the offeror to the offeree, the offeree must accept the same according to the terms of
acceptance and without modifying the actual offer, there must be an intention between the
parties to enter into a contract, and there must be adequate or sufficient consideration. It can
be seen that though the complexity of a contract might varies they are identical regarding
their structure and content. The fundamental purpose of a contract is to elaborate by using
unambiguous language the requirements of a contract which each party needs to comply with,
state about the type of consideration related to the contract and declares about any other terms
which are special in character and which is needed to comply with under the special
circumstances. .It can be said that those contracts can be termed as good contracts whose
parties have cautiously examine the entire event which might arise during the tenure of the
agreement and took passably steps for them. Those contracts were said to be comprised of
strict and widely spread terms and conditions which generally covers resolution for all the
issues or conflicts. Therefore, it can be said that the terms and conditions of a contract need to
be wide-ranging to cover all the aspects of a contract.

2
COMMERCIAL LAW
The terms of a contract include each point in an agreement between the parties
referring exactly in which way and under what situations an agreement is said to be
performed. However, it is to be noted that contract law only specifies the guidelines regarding
the terms and conditions of a contract and it is upon the parties to determine and enclosed the
same in a contract as per their requirement in specific cases. The Law of Contract identifies
two types of terms: implied terms and express terms. However, there exists another type of
term in a contract referred to as statutory terms. They are discussed below;
The agreement comprises of express terms are said to be stated or instructed by the
parties to the contract. These terms might have been stated either through oral communication
or in writing. However, the contract altogether must imitate the intent of the parties. It is an
established fact that, if an express contract is contracted between two parties then an identical
contract concerning the same subject matter cannot be made between such parties concerning
implied terms (Treasury.gov.au, 2019). Similarly, the law generally will not entail an express
contract of similar parties, an alternate promise or contract. In the case of, Associated
Newspapers Ltd v Bancks, the court held that express condition can be stated in a contract
through images and logos.
On the other hand, some terms cannot be converted into writing, as well as cannot be
orally discussed. In such a case those terms existed in an implied form in a contract and
become legally binding upon the parties. Furthermore, they are implied because common
sense, standard industry observance, and past performance, generates an exception about the
way through which such agreement will be carried out and it must be clearly specified in a
contract that on the basis of such implied terms few actions of the contract will be carried out.
Common sense can be applied in case of an agreement where some matters specified in the
agreement are so obvious that they can be performed without specifically mention about the
same. I can be further stated that there are some standard agreement guidelines for each