CONTRACT BASIC CONCEPTS

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Mind Map by , created over 5 years ago

Undergraduate Contract Law Mind Map on CONTRACT BASIC CONCEPTS, created by louiseebarlow on 03/28/2014.

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louiseebarlow
Created by louiseebarlow over 5 years ago
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CONTRACT BASIC CONCEPTS
1 Definitions
1.1 A contract is an agreement giving rise to obligations which can be enforced or recognised by law
1.2 A unilateral contract - "if you do something, I promise to do something in return"
1.3 A bilateral contract - one in which both parties have obligations
2 Legal Requirements for Formation of a Valid Contract
2.1 Agreement (offer and acceptance)
2.2 Intention to create legal relations
2.3 Consideration
2.3.1 Sometimes consideration is not necessary (waiver: Hickman v Haynes) or agreement by deed
3 Factual Indicators of Existence of an Agreement
3.1 Offer
3.2 Acceptance
4 Who can enforce a Contract?
4.1 Doctrine of privity: only the parties to a contract (Tweddle v Atkinson / Dunlop v Selfridge)
4.2 Exceptions in Contracts (Rights of Third Parties) Act 1999
4.2.1 s1(1)(a) - if the contract says he can
4.2.2 s1(1)(b) - if the term in question purports to confer a benefit on him
4.2.3 s1(2) - TP cannot enforce if appears the parties did not intend the TP to enforce

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