Before the end of term, we had a lawyer come in from Duncan Cotterill in Christchurch, who came to talk to us about Law of Contract.
It was an interesting lecture. Especially when he spoke about how even a verbal agreement and a “handshake” agreement are both valid contracts. You always say things like “You shook on it! It’s a deal!” when you’re younger, and your siblings try to weasel out of giving you half of their ice cream or something for a chore you did earlier that day. It’s just amusing to think that you actually entered a legally binding “contract” with your sibling over half of their ice cream!
Stephan went over all the elements that make a valid offer, and it was interesting to learn that there is no principle of “fairness” in commercial transactions, Stephan gave an example of selling a house for $1000. The Court does not care if that is not a “fair” price, but rather if both parties agreed or not, and if all the terms of the transaction were met.
I found this lecturer really interesting and engaging with the class. It’s a very valuable lecture to have, not only for people who will do contract work, but I think in a general life capacity, too.