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Contract law is the area of law that deals with the formation, performance, and enforcement of legally binding agreements between parties. A contract is a legally binding agreement between two or more parties, in which one party promises to do something in exchange for something else from the other party.
In Victoria, Australia, contract law is governed by the common law and the Australian Consumer Law (ACL), which is a national law that applies to all states and territories, and provides a framework for the formation and performance of contracts, as well as consumer protection.
The common law of contract in Victoria provides the general principles that govern the formation, performance, and enforcement of contracts. This includes the requirement for offer and acceptance, consideration, and the intention to create legal relations.
The ACL applies to the sale of goods and services to consumers, and provides specific protections and rights for consumers in relation to contracts such as the requirement for fair terms and conditions, the right to a cooling-off period, and the right to a refund for faulty goods.
It's important to note that in addition to common law and the ACL, there are also specific laws and regulations that apply to certain types of contracts, such as the Sale of Land Act 1962 for the sale of land, and the Building and Construction Industry Security of Payment Act 2002 for construction contracts.