Swotting Up on Contracts

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The more I read the more I feel I don’t know. Have you found this happens when you really need to know what you are reading? It is very annoying. One other thing that is happening is that I cannot keep focused on study. It is the washing, the kitchen, feeling hungry and obviously getting some lunch to end the hunger, putting washing on the line, then putting more washing in the washing machine and finally taking washing off the line. Oh and of course there is the housework which I have tried to ignore and have been rather successful in places, but it has not helped me focus.

I know it is sad that I am at this point with a messy house and trying to cram for my last exam in my degree. Yes that sounds excellent, my last exam in my master’s degree. What a great thing, although I cannot be happy about it due to fretting and the worry of what might be in this exam. As you would already now I am studying contract law this semester. I thought it was a great idea to understand more about contracts so to help with future projects when I return to the workforce. Still a good skill to have for say building our new house, whenever that may happen and my idea to start a home based business I am sure it will help no end. However I am still struck by the issue of when I will ever use this information.

Last semester I had an open book exam and found that hard. I managed to not have some of the papers that I needed and found myself staring at the walls and ceilings while the rest of the exam room madly wrote their award winning answers. I look at other questions and what they were weighted, and then I answered the ones that I could with more marks awarded to those. This was my technique and I think it was a highly effective one that allowed me to gain a credit last semester.

It would be nice to get more than a credit but as this is my second last subject a pass I would be pleased with. Not happy but pleased that I passed, especially with the likes of contract law and being new to the whole subject matter. I always fancied myself as a lawyer and would have loved to have done law. Now after having a full semester of contract law, I think it was good and wise that I never did law as I don’t think I would have done well with a whole degree of law. Don’t get me wrong, it is a great subject and I have learnt a lot, just find it interesting that I thought I could until I did. Still early days though, as exam is still yet to happen and who knows with the course work and exam, it could be a credit or a pass, maybe a distinction if I live in hope.

Some things I do know:

  • The purpose of a contract is to document both parties’ obligations and to avoid or mitigate risk.
  • Contracts don’t have to be in writing, although some do. Deeds and used car sales lay by sales, and consumer credit contracts.
  • A contract can be ended due to frustration – If a contract had changes happen that were not the fault of either party or the contract has changed from the initial agreement. It could cause frustration and best to terminate said contract as the outcome is not what was wanted.
  • There are certain elements to create a contract and they are: Intention to create a binding agreement, capacity to create a binding agreement, offer, acceptance, certainty of terms and consideration.
  • Shops that sell goods are not making you the offer; you as the customer make the offer when you offer money for the goods that you want. The shop owner is giving you an ITT (Invitation to Treat)
  • If you are a professional who needs to have professional indemnity insurance, it is wise to have it when you retire. If any of your work has issues or someone wants to take you to court you are covered. This might help lawyers, engineers, architects and so on.

As you can see I have taken part of the course in and let’s hope that the questions relate to what I remember. I have visions of looking at a question; remember reading the notes and not being able to answer the question. I hope this does not happen.

Does information overload and too many other things to do make it hard for you to focus on things you should be doing? Maybe it is just procrastination. Mentally I have already finished but have not sat the exam. It is hard as this time of year makes me think of holidays, Christmas and going to the beach. Bring on summer. Not a good time of year to be studying.

Do you have any tips and tricks for trying to concentrate when you cannot? Send in your comments and solutions.  My exam is on the 15th so this Thursday… soon it will be over.

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