1944309
Description
Mind Map by Cheryl cadeline, updated more than 1 year ago
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Created by Cheryl cadeline
about 9 years ago
|
|
Formation of Contract
- Requirements
- Consideration
- the agreement must
be supported by
consideration
- there must be an
exchange of
something
- there must be an
exchange of
something
- 5 Rules
- Must have same economic value
- Must be Sufficient
but need not be
adequate
- May not = to promise
but if something is
given in return in a
promise = agreement
- May not = to promise
but if something is
given in return in a
promise = agreement
- Must not be past
- Performance of existing
obligation cannot be
considered as further promise
- can life guard ask $ from u after saving your life?
- can life guard ask $ from u after saving your life?
- part payment of debt not a consideration to forgo the balance
- Must have same economic value
- exception
- agreement is contained
in a deed.
- deed= legal doc.
signed sealed
delivered
- deed= legal doc.
signed sealed
delivered
- agreement is contained
in a deed.
- the agreement must
be supported by
consideration
- agreement
(contract)
- offer
- a STATEMENT by one party
of his willingness to enter
into a contract on certain
stated terms
- offeror
- making offer
- making offer
- offeree
- one whom
the offer is
made to
- one whom
the offer is
made to
- offer must be
COMMUNICATED
- OFFEREE
ACCEPTS
- BINDING
IS
FORMED
- CANNOT BACK
OUT
- IF BACK
OUT=
BREACH
- CANNOT BACK
OUT
- BINDING
IS
FORMED
- INVITATION TO
TREAT (4)
- INVITES to negotiate
and make offer
- Supply of
Information
- supply
info invite
ppl to
make offer
- Harvey V
Facey
- supply
info invite
ppl to
make offer
- Advertisements
- Seller would not have a
unlimited amount of
supply of item
- cannot who
read who
get in a
contract
- cannot who
read who
get in a
contract
- Patridge v
Crittenden
- ad on
bird for
sale
- ad on
bird for
sale
- Seller would not have a
unlimited amount of
supply of item
- Tenders
- offeror submit
the tender
- offeree receives
the tender
submission
- contract only
forms when co
accepts a
particular tender
submission
- AND COMMUNICATED to Party
- AND COMMUNICATED to Party
- contract only
forms when co
accepts a
particular tender
submission
- offeree receives
the tender
submission
- offeror submit
the tender
- Display of goods in a
shop window or store
- not making offer
- inviting ppl to
make offer
- offer takes
place when
customer
select item
into basket
- Customer demand = offer to buy
- shop keeper free to
accept or reject offer
- shop keeper free to
accept or reject offer
- Customer demand = offer to buy
- offer takes
place when
customer
select item
into basket
- inviting ppl to
make offer
- pharmaceutical
society of great britan
V Boots cash chemist
- not making offer
- WEBSITES
- Electronic Transactions
Act
- no contract until
merchant
communicates its
acceptance
- no contract until
merchant
communicates its
acceptance
- Rationale:
unlimited
amount of
contracts
- Electronic Transactions
Act
- INVITES to negotiate
and make offer
- Termination of offer
- Revocation
by the offeror
- offeror may
withdraw before
acceptance
- effective=
communicated to
end offeree
- effective=
communicated to
end offeree
- Bryne V
van
tienhoven
- offeror may
withdraw before
acceptance
- Rejection by Offeree
- offeree
terminates the
offer once its
received by the
offeror
- YES/NO
- Once reject no re-accept
- Once reject no re-accept
- offeree
terminates the
offer once its
received by the
offeror
- Rejection by
counter-offer
- offeree introduce
new terms / change
in terms
- cancel
original
offer
- cannot
accept
original
unless
offeror
agrees
- cannot
accept
original
unless
offeror
agrees
- cancel
original
offer
- Hyde V wretch
- offeree introduce
new terms / change
in terms
- Lapse of Offer
- offer invalid
- not accepted in a time period
- TIme
based on
subject
matter
- TIme
based on
subject
matter
- Any parties
dies before
acceptance
- not accepted in a time period
- offer invalid
- only terminate 3 pt or
it lapse
- Revocation
by the offeror
- a STATEMENT by one party
of his willingness to enter
into a contract on certain
stated terms
- acceptance
- Offeree
unconditionally
agrees to the
offer without
changing terms
of offer
- may be in
oral or
writing
- must be
communicated
to offeror
- effective when
received by
offeror
- effective when
received by
offeror
- Postal acceptance rule
- receive= letter validly posted
- receive= letter validly posted
- must be
communicated
to offeror
- Acceptance by Silence
- Offeror may not
put a condition in
his offer that
silence shall
constitute
acceptance
without the
offeree’s consent.
- NO!
- Felthouse V
Bindley
- Offeror may not
put a condition in
his offer that
silence shall
constitute
acceptance
without the
offeree’s consent.
- Acceptance by reason of past
conduct
- series of previous
transactions between
the Offeror and
Offeree
- but in this
particular current
transaction it is
unclear whether
the Offeree has
accepted the terms,
- the Court may look
at the previous
transactions to
decide whether such
acceptance has
indeed taken place.
- the Court may look
at the previous
transactions to
decide whether such
acceptance has
indeed taken place.
- but in this
particular current
transaction it is
unclear whether
the Offeree has
accepted the terms,
- series of previous
transactions between
the Offeror and
Offeree
- Offeree
unconditionally
agrees to the
offer without
changing terms
of offer
- once
made if
anyone
change
mind or
back out
- breach of contract
- breach of contract
- offer
- intention to create legal relations
- intended the
agreement to be
legally binding
- one fails to carry out promise
- legally responsible
- legally responsible
- one fails to carry out promise
- commercial agreement
- business transaction= intent legal binding
- business transaction= intent legal binding
- social
&domestic
agreement
- no intention to create legal enforcable
- unless theres business elements in it
- no intention to create legal enforcable
- intended the
agreement to be
legally binding
- Consideration
- Definition
- agreement
between 2 or
more parties
which is legally
enforcable
- when a contract is
breached innocent can
sue for compensation
or remedy
- when a contract is
breached innocent can
sue for compensation
or remedy
- can be orally or in writing
- agreement
between 2 or
more parties
which is legally
enforcable
- Privity of contract
- only contracting
parties can sue
- party that has provided consideration can sue
- party that has provided consideration can sue
- only contracting
parties can sue
- Formalities
- contract can be made orally or by conduct
- Contracts that need writing
- Sale of land
- guarantee
- Sale of land
- contract can be made orally or by conduct
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