Law of Contract for Business

Contracts are an inevitable part of life, and vital in the context of business. The Law of Contract short course equips you, as an entrepreneur, leader and/or manager (private or public sector), with essential perspective and insight to ensure that you apply an informed and effective strategy in relation to the contracts into which you enter.

The focus of the course is on those aspects that feature most prominently in business. The course is strongly oriented towards developing insight and practical application through analysing actual cases and solving real-world problem scenarios.

Although there is considerable overlap in terms of the general principles related to the Law of Contract in various countries, there are important finer points to note regarding the specifics in most legal systems – especially in terms of developments in applicable case law in systems drawing on precedents.

This course deals specifically with South African Law of Contract, and would be of great value to anyone conducting business in South Africa.

The course is specifically for:

• Leaders and managers in any commercial context

• Business professionals

Learning Outcomes:

• Understand what the basic divisions of law are, and how various areas of law can affect your life and business.

• Know when and where contracts are concluded orally or in writing, and the effect of various aspects of offer, acceptance and consensus on the existence or contents of a contract.

• Have insight into the elements to be considered when asserting or denying a contract, with reference to the legal principles regarding consensus.

• Identify when a contract or supposed contract might be voidable or void due to mistake, misrepresentation, undue influence or duress.

• Understand the nature and legal consequences of reasonable and unreasonable mistakes, as well as innocent, negligent and fraudulent misrepresentations.

• Be aware of the most important limitations on the contractual capacity of various persons, and appreciate the effects of a party acting beyond the scope of his or her capacity.

• Know the basic requirements of contractual legality, and the effect of performance being or becoming impossible before or after the conclusion of a contract or supposed contract.

• Assess the enforceability of an agreed restraint of trade in a particular instance.

• Identify the formalities prescribed in respect of certain key contracts, and explain the effects of non-compliance.

• Understand the position of co-debtors and co-creditors, as well as the basic process and consequences of cession, delegation and assignment.

• Know the practical implications of common contents of contracts, including cancellation clauses, acceleration clauses and penalty clauses.

• Be keenly aware of the nature and effect of: essential terms and non-essential terms; express, tacit and implied terms; and suspensive and resolutive conditions or time clauses.

• Recognise and distinguish between situations of termination of contract and situations of breach of contract, and know the basic consequences of each.

• Strategise effectively regarding the legal remedies that are available for different forms of breach of contract, with reference to practical examples and case law.

• Be mindful of the practical impact of the Consumer Protection Act and the National Credit Act on contracts or potential contracts in your business.

• Know the rights and duties of the parties to a contract of sale, how and when ownership is transferred, and which parties by law bear the risk in various business situations.

• Understand a range of practical cases dealing with the most pivotal contractual principles applied in the commercial context.