439405
Description
Flashcards by keara.foley51, updated more than 1 year ago
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Created by keara.foley51
over 10 years ago
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| Question | Answer |
| what is a contract | a contact is a legally binding agreement enforcablel by law |
| what is an agreement | agreement is offer and acceptance |
| what is an offer | a committment to buy or sell, it can be written or oral |
| what is invitation to treat | - invitation to a customer to make an offer which can then be accepted or rejected. Goods on display in a shop are invitation to treat. |
| list the three methods of acceptance | acceptance can be made orally, in writing or by action |
| what is consideration | this is what is exchanged between two parties |
| what is intention to contract | The parties to the contract must have intended to create a legally binding contract |
| what is capacity to contract | the people agreeing the contract must have the legal right to do so |
| what is legality of form | this refers to the manner in which a contract is drawn up |
| what is legality of purpose | it must not be illegal |
| how can a contract be terminated | breach, performance,agreement, frustration |
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