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Business Law

Business Law (5th edn)

James Marson and Katy Ferris
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date: 24 September 2021

p. 1989. Statutory Regulation of Contractslocked

p. 1989. Statutory Regulation of Contractslocked

  • James MarsonJames MarsonReader in Law and Head of Research for Law, Sheffield Hallam University
  •  and Katy FerrisKaty FerrisAssistant Professor in Business Law, Nottingham University

Abstract

This chapter studies the features of legally binding contracts by examining the manner in which the terms of a contract are regulated through statutory intervention. Such legislative measures have come about as a response to the unequal bargaining positions of consumers as contracting parties in business contracts, and the idea that laissez-faire can be contrary to public policy and fairness, e.g. with certain exclusion clauses. Some examples include statutes, such as the Consumer Rights Act 2015 and the Sale of Goods Act 1979, which imply terms into contracts, and the Unfair Contract Terms Act 1977, which regulate the parties’ use of exclusion clauses. This protects the weaker party to a contract from exploitation and provides minimum rights that may not be waived.

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