Flashcards
Contract Law: DEFINITIONS
Cards in this deck (15)
- 1OfferAn offer is a statement of terms which the person making the offer is willing to enter a contract; it can be written or verbal.
- 2Invitation to Treat (ITT)An indication of a willingness to start negotiations and is not an offer.
- 3AcceptanceThe final expression of agreement (assent) to terms of an offer.
- 4CommercialGenerally where one of the parties is a business.
- 5DomesticGenerally, where the parties are friends or family.
- 6PresumptionWhat the law will automatically think, unless there is a valid rebuttal.
- 7RebuttalA reason why the presumption would not be fair or valid.
- 8DeedA formal written and witnessed document.
- 9ConsiderationEach party will give something of value.
- 10Actual BreachWhen one of the terms is either not completed or is not properly completed.
- 11Anticipatory BreachWhere one of the parties states or indicates that they will not perform their part of the contract.
- 12ConditionIs a term of the contract and if not performed it will go to the heart of the contract.
- 13WarrantyMinor term of the contract and if it isn't performed it will cause loss but does not go to the heart of the contract.
- 14Loss of the BargainThis is the money awarded to replace the costs incurred in entering the contract in the first place.
- 15Consequential LossesThis is the money awarded to make up for the costs incurred as a result of the breach of contract.
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- These flashcards are all about key terms
- Created by
- Zahrah Mehmood
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- Created by a deleted user · Apr 11, 2016
- Copied by Zahrah Mehmood · Apr 11, 2016
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