Principle Contract Law

Running head: PRINCIPLE CONTRACT LAW
PRINCIPLE CONTRACT LAW
Name of the Student
Name of the University
Author Note

PRINCIPLE CONTRACT LAW1
Answer 1
A)
In specific performance if a promise has not been fulfilled then due to the non-
performance of the contract either party who has suffered any kind of loss or damage can file for
a breach of the duty. The equity courts are considered to provide with any kinds of remedies for
breach of certain duties that have occurred in the contract. It is based on the satisfactory
discretion of the court therefore, the remedy which are pursued in the court cannot be used as
rights by the parties. It is the principle in which the individuals are directed to perform certain
duties which they were liable to perform which would help the other party rather than
compensating the aggrieved parties with the damages. Specific performance along with the
rectification are considered to be equitable remedies which are given by the courts. For instance,
these kind of remedies are given mostly on the sale of land and it is used as an alternative.
According to the definition if a person makes a contract to sell a property with another party that
are subjected to certain conditions and the parties need to perform the promise made while
entering into a contract. If there is a non-performance of such a promise then the aggrieved party
can seek for remedy which would direct the other party to perform or fulfill the conditions1.
B)
According to section 126 of the Instruments Act, 19582 it states that certain kinds of
agreement are to be in writing where an action cannot and must not be brought on any individual
on the basis of a special promise for a debt, miscarriage or any kind of default for any other
1Goldberger, Jeffrey. "Contract law in the cases: 2018 in review-part 1 of 3." Commercial Law Quarterly:
The Journal of the Commercial Law Association of Australia 33.2 (2019): 9.
2 Instruments Act, 1958

PRINCIPLE CONTRACT LAW2
person or individual. It also states such a condition for any kind of contract for the sale of land or
any other interest in land an action on such cannot be brought on such a contract if the contract is
in writing or a proper memorandum has been given or a note has also been made in writing
which contains the parties signatures or has a lawful authorization on such a memorandum or a
note. There are three elements that are to be fulfilled for a contract for the sale of land where the
parties need to be mentioned the subject matter for the sale should be specified along with the
price of that property that is for sale needs to be mentioned. In the case study that has been given
there was a written note which consisted of the name of the parties who were having an
agreement regarding a sale of the property, it also had the name of the property which was being
bought along with the price of the property. Therefore, it fulfilled all the essential conditions
which formed as elements in the contract and under section 126 of the Instruments Act any
memorandum or note in writing fulfilling the conditions specified would be considered to be
valid. It can be seen in the case of Steadman v Steadman [1976] AC 5363 where it was observed
that the acts that led to part performance were valid if there was an existence of a contract
between the two parties of some kind. Therefore, from the above discussion, it can be
understood, that there was a note which specified the details for the essential elements regarding
a contract for the sale of a land or property which would qualify as a written agreement under
Section 126 of the Instruments Act, 19584.
C)
In a contract, the parties might be able to agree on terms and conditions and those agreed
terms and conditions are to be mentioned in writing for the contract to be legally binding on the
parties. The case of Masters v Cameron5 has been considered to be a landmark case for the
3 Steadman v Steadman [1976] AC 536.
4 Instruments Act, 1958
5 Masters v Cameron [1954] HCA 72; 91 CLR 353; 28 ALJR 438 .