Paper Summary:

While the United States and Australia are literally a world apart geographically, the two countries share much in common today, including the English language; a legacy of British influence, customs and traditions; a comparable constitution; and, more importantly for the purposes of this discussion, the common law. The research shows that the respective contract laws that evolved over time in these two countries share this heritage, but some important differences have emerged that can make the difference between a successful contract and a failed one. Given the importance of timely and equitable adjudication of contracts of all types today, though, it is therefore important to understand when these legally binding instruments can be set aside and for what reasons. To this end, this paper provides the relevant background and a discussion of how and why contracts can be set aside in Australia and the United States. This is followed by a summary of the research and salient findings in the conclusion.

Outline:
Introduction
Review and Discussion
Background and Overview
Contract Law in Australia and the U.S. - Current and Future Trends
Conclusion
References

From the Paper:

"In fact, the legal system used in the United States and in most of the member states of the Commonwealth of Nations, including Australia, in based on this body of common law. As a result, common law is differentiated from formal rules that were developed by the separate acts of equity, to statute law (i.e., the acts of legislative bodies), and to the legal system derived from civil law that is now more popular in continental Europe and elsewhere (Kiralfy 2006)."

Sample of Sources Used:

• Beatson, Jack E. and Daniel E. Friedmann (Eds.). 1997. Good Faith and Fault in Contract Law. Oxford: Clarendon Press.
• Black's Law Dictionary. 1990. St. Paul, MN: West Publishing Co.
• Buckley, F. H. (Ed.). 1999. The Fall and Rise of Freedom of Contract. Durham, NC: Duke University Press.
• Cane, Peter and Jane Stapleton. 1998. The Law of Obligations: Essays in Celebration of John Fleming. Oxford: Clarendon Press.
• Ellinghaus, M. P. "An Australian Contract Law?" 1989. 1 J. Contract Law 13 at pp. 19-20.

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