Flashcards
Contract Law
Flashcards do conjunto (23)
- 1Contract (Promises)Promise or a set of promises which the law will enforce
- 2Contract (Agreements)Agreement giving rise to obligations which are enforced or recognised by law
- 3PromiseGuarantee that something will be done
- 4AgreementA meeting of minds with the understanding and acceptance of reciprocal legal rights and duties as to particular actions or obligations
- 5Contract Formation Requirements1) Offer & Acceptance via cons. ad idem
2) Intention to create legal relations
3) Consideration or Deed - 6Contract Formation Qualifiers1) Capacity (i.e. not minors/drunk/unsound)
2) Not contrary to public policy
3) All legal formalities to be complied with - 7Consensus Ad Idem• Meeting of Minds
• Objective Test (Clapham omnibus)
• Agreement between offer & acceptance - 8OfferWillingness to contract on
specified terms with the intention that, if
accepted, it shall become a binding
contract - 9Offer vs Invitation to Treat•Display of goods in not an offer to sell at
that price but an invitation to treat
• The customer makes the offer at the till
which the shop accepts to conclude the contract - 10AcceptanceUnconditional assent communicated by
the offeree to the offeror, to all terms of the offer, made with the intention of accepting - 11Consideration• Law will not enforce a gratuitous promise
• Something of value which legitimises the contract - 12Vitiating Factors• Misrepresentation
• Duress
• Undue Influence
• Certain forms of Mistake - 13Discharge of Contract• Performance
• Agreement
• Breach
• Frustration - 14Performance (Discharge)• All parties fulfil their obligations
• Precise and exact
• Harshness of contracts (severability/substantial performance/partial performance) - 15Agreement and Frustration (Discharge)• Without fault of either party
• Event renders further performance an impossibility - 16Breach of Contract• Failure to perform
• Repudiation [I won't do it]
• Any breach that takes place before the time of performance is an anticipatory breach - 17Remedies for Breach• Losses due to: damages / quantu meruit
• Specific Performance
• Injunction - 18Measure of Damages• Expectation Measure: Restore injured party to EXPECTED economic position
• Reliance Measure: Restore injured party to INITIAL economic position
• Liquidated Ascertained Damanges - 19Remoteness of Damage (Two Limbs)• 1st Limb: Arising Naturally
•2nd Limb: Reasonably in contemplation by both parties - 20MitigationAvoidance and management of losses caused by the breach
- 21Retrospective AcceptanceStart now, sign contract later
- 22RevocationChoose new vendor / supplier
- 23Most prevalent issue in contracts“parties…conducting their transactions with one another…on the assumption
that a contract would ultimately be agreed upon”
– as established in Trollope &
Colls v Atomic Power Construction.
Informações
- Descrição
- Undergraduate Legal Issues FlashCards sobre Contract Law, criado por muhd.nurul em 13-04-2015.
- Criado por
- muhd.nurul
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